I need some suggestion about 1031 Exchange Solution

[1]

I belong to New York. I own some property and pay taxes every year. Last week I talked to someone and he told me that he can defer the capital gain tax that we can use for our own benefit. is anyone using 1031 exchange or investment property exchange?

[42]

I have experience with this. You would need to find a good tax accountant and they can set up the forms for you. In terms of the actual logistics of it, you would basically direct the cap gains from your 1st property to another "like kind" property (# beds, baths, sqft, etc) the term "like kind" is fairly loose, at least in my experience. I've seen people trade up from a 3 bed to a 4 bed for example. 

Again though, reach out to a CPA who does taxes for more information. 

Also it's worth mentioning to look into ownership of your properties through a series LLC, i don't believe NYC has that offering but you may be able to set up an LLC out of state (Delaware is always a good option.)

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Also forgot to add. Might be worth to also look into a 721 exchange, it's basically the same thing as a 1031 but this time you're appropriating your cap gains towards a REIT (real estate investment trust) shares. There are many publicly traded on the stock market that offer good quarterly dividend payouts as well. Some examples of good REITs would be Crown Castle, American Tower (I like cell tower real estate REITs because they are basically recession proof)

Hope this helps