Can a 1031 exchange be used for a new property?

Are you considering using a 1031 exchange to defer taxes on the sale of a property by reinvesting the proceeds into a new property? If so, it's important to understand the specific rules and regulations surrounding this type of transaction. Generally speaking, a 1031 exchange allows you to avoid paying capital gains taxes on the sale of a property if you use the proceeds to purchase a new, like-kind property within a certain timeframe. However, there are some important factors to consider, such as the qualifications of the new property and the rules regarding timing and identification of potential replacement properties. Let's take a closer look at whether a 1031 exchange can be used for a new property, and what you need to know to make an informed decision.