The document outlines the rules for completing a 1031 exchange to defer capital gains taxes on real estate sales. Real estate can be exchanged for other real estate, and personal property can be exchanged for like-kind personal property. The proceeds from a sale must be reinvested through a qualified intermediary. To complete a successful 1031 exchange, the replacement property must be identified within 45 days and received within 180 days of the initial sale. A 1031 exchange allows taxes to be deferred on property sales by reinvesting the money into a new, better investment property.