Can capital gains be rolled into another property via 1031?

[Peter Lee]

Wondering if capital gains from a sale (and capital gains only) could be taken and rolled into a different property via 1031 exchange to avoid the tax hit.  Or does one have to take all the proceeds and roll them into a property(s)?

Thanks

[Wayne Brooks]

“Developing profits” do not qualify for a 1031.....Only properties held for investment.  Having partners complicates things as the buying entity for the replaxememt property typically has to be the same as the selling entity.

Two basic rules for the 1031....

ALL proceeds must be reinvested

The purchase price of the replacement property must be equal to or greater than the sale price of the initial property(less actual selling costs)

@Dave Foster knows all this stuff, and any possible exemptions.