Most people who want to defer their taxes know they need to use the provisions of the 1031 exchange. Yet most people don’t know much about the provisions of Section 1031 that governs such exchanges. Apiexchange.com reports:
Always discuss a §1031 tax deferred exchange with your tax and/or legal advisors. The following information is needed to begin preparing the exchange documents: A) The name, address and telephone number of the Exchanger; and B) The closer/escrow holder’s name, address, telephone number and file number.