Section 1031 of the Internal Revenue Code provides for tax deferred exchanges. IRS rules allow owners of certain Real and Personal property to sell and buy like-kind property deferring Capital Gains Tax. The rules dictate that the "Exchanger" have a third party hold the funds during the exchange process. This party is a “Qualified Intermediary”.

Deferring capital gains conserves real estate wealth. The IRS allows property owners to exchange property for other property, making possible the shift of profits gained from one property into another while deferring tax.

A seller transfers property called the "Relinquished Property" and later obtains other property known as "Replacement Property.” A real property owner may "sell" his Relinquished Property now and purchase Replacement Property later. If the rules are observed and a Qualified Intermediary employed, the property owner qualifies for tax deferral.

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