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A 1031 tax exchange allows an investor to defer paying capital gains taxes on the sale of an investment property by reinvesting the proceeds into a similar property. The key steps involved in completing a 1031 exchange successfully include identifying a replacement property within 45 days of selling the original property, entering into a purchase agreement for the replacement property, and completing the exchange within 180 days of the sale. It is important to work with a qualified intermediary and follow IRS guidelines to ensure compliance with the exchange rules.

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