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I’m looking to sell a brownstone, downscale and buy an apartment.

I’ve been given conflicting information regarding tax implications of selling property and would really appreciate if anyone has any further clarification so I can do the math correctly.

I’ve been told it is still possible to rollover capital into another property (thus defering tax payments) within the year end/12 months of sale.

I’ve also been told that, instead, on any gain there is a tax exemption on the amount of $250,000 ($500,000 if married), and that any gain above that, captital gains tax has to be paid. And it is not possible to roll-over, unless one does a 1031 exchange.

Any insight as to which is current and correct much appreciated.