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99% of people get the 1031 exchange rules in California horribly wrong. So I researched and—here's how to take advantage of these rules: ? Step 1: Understand the Basics of 1031 Exchanges Most people simply try to swap one property for another without understanding the nuances. Instead, I consulted with my awesome team and we recommend the following actions: Thoroughly research IRS guidelines on 1031 exchanges. Consult with a qualified intermediary who specializes in 1031 exchanges. Understand the timelines and deadlines involved (45-day identification period and 180-day exchange period). Instant results. ? Step 2: Identify and Qualify Properties Once you've understood the basics, then you need to: 1: Identify multiple potential replacement properties within the 45-day identification period. 2: Ensure the properties qualify under IRS rules for like-kind exchanges. 3: Conduct due diligence on each property to avoid potential pitfalls. Our clients have achieved significant tax deferral benefits just by following this framework. ? Step 3: Execute the Exchange Properly Finally, to get ahead of the 99%, you need to execute the exchange correctly. That's easy to say, but not simple to do. Work closely with your qualified intermediary to ensure all paperwork is filed correctly. Keep meticulous records of all transactions. Stay informed about any changes in IRS rules or California-specific regulations. Find my document below with highlights of the 1031 exchange rules. It's hard—but worth it in the end.