A 1031 Exchange, also known as a tax deferred exchange, involves selling a qualified property, and then acquiring another qualified property within a specific time frame. Unlike a standard purchase and sale of property, which is taxable with the IRS, a 1031 Exchange transaction qualifies the taxpayer for deferred gain treatment, which is not taxable by the IRS. It takes skilled tax planners and the attorneys at Southern Law Group Firm to set up your property sale and purchase to ensure that you can take advantage of this important tax benefit. They understand the components involved in 1031 Exchanges and the intent of this tax-deferred transaction to ensure a successful exchange. In order to conduct a 1031 Exchange transaction, you will need to choose an exchange company.