1031 exchange allows Investors as well as individual to defer paying taxes on property sold. In order to use the 1031 exchange, one must sell and buy a similar property.
There is a 45 days period to locate another similar property after the sale, and a period of 180 days to acquire ( take possession) the new property.
Let’s note that 1031 exchange is not a tax exemption but rather a tax deferment.
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