Are you planning on or currently in the process of selling or purchasing a property?

I am planning on or currently in the process of selling a property
I am planning on or currently in the process of purchasing a property
I have already closed on a property
More information on a 1031 Exchange
The order of events in your situation will determine the appropriate exchange procedure; selling first—a delayed exchange, buying first—a reverse exchange, building—an improvement exchange.

Delayed Exchange
The Delayed Exchange is the most common and straightforward exchange. The Exchangor first exchanges out of the property he owns; secondly, the Exchangor finds and exchanges into a new property. The Exchangor has 45 days after closing the relinquished property to identify a replacement property and a total of 180 days to close on the property.

Reverse Exchange
The Reverse Exchange allows the Exchangor to acquire property now, when an excellent investment may be available, and to sell their property later when a better price might be obtained. The future sale is tax deferred. This procedure greatly expands the ability of the Exchangor to take advantage of changes in the marketplace or opportunities that may arise.

Improvement Exchange
The Improvement Exchange allows the Exchangor to construct the "perfect" replacement property.

The basic like-kind concept must be applied. When the Exchangor gives up real property, he must receive real property as replacement. Furthermore, the replacement must have been of equal or greater value. This requirement is satisfied with improvements to be constructed within the 180-day exchange period. As long as value, equity and mortgage requirements are met, the project does not require completion for tax deferral. If at the 180th day the Exchangor were to receive only unimproved land with labor and materials to be used in the future, the exchange would not be totally tax-deferred (labor and materials are considered services and personal property that are not like-kind to the real property that was relinquished). These items are "boot" and would therefore trigger a tax. Improvements can be accomplished with a Delayed Exchange or a Reverse Exchange.