Can we use this tax break to buy a rental property in Florida?

Q. We own three rental properties here in New Jersey that are being deprecated accordingly. We are thinking about purchasing a place in Florida, keeping our primary home in New Jersey for now. What do we need to do to set up a 1031 exchange with one or more of these properties depending on what we find.— Thinking about itA. We’re glad you asked because Section 1031 exchanges can be complex and nuanced.Named for its IRS code, a 1031 exchange is basically a swap of one investment property for another in which you’re allowed to defer capital gains taxes.You can exchange the multiple investment pr...

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