What Every Tax Pro Needs to Know About Section 1031 Exchanges

Have you ever had a client mention a 1031 exchange after it’s already happened? Or discovered a 1031 in last year’s workpapers with zero heads-up? 

I break down the essentials of §1031 like-kind exchanges: what they are, what they are not, and how to handle them when they land in your tax prep queue.

Key points I cover include
⚖️ What qualifies as “like-kind” under current law
🗓️ The 45-day and 180-day rules explained clearly
📋 Reporting on Form 8824 without losing your sanity
🏛️ Key Tax Court cases that clarify intent and related party rules
⁉️ Common misconceptions (spoiler: it defers, not eliminates, gain)
💼 Why most 1031s today are deferred exchanges and how intermediaries fit in

Whether you serve real estate investors full-time or have clients dabbling in rentals, understanding 1031 exchanges is critical, especially in this market where clients are shifting properties to build wealth without triggering immediate tax.