In a typical transaction, the property owner is taxed on any gain realized from the sale. However, through a Section 1031 Exchange, the tax on the gain is deferred until some future date (e.g., the future resale of the home you will purchase with the proceeds from the sale of a current property).
If you exchange for like property of equal or greater value there will be no taxable gain. The most popular is the 1031 for income producting properties. I have a very qualified 1031 exchange company that handles these transactions. We manage over 350 properties for our investors. We've been in Vegas since 1976.