Florida follows all federal 1031 Exchange rules, regulations and timelines allowing investors to defer capital gains on the sale of qualified property if exchanged for like-kind property. There are many great investment opportunities for tax deferral in Florida.
Your 1031 exchange must be reported by completing Form 8824 and filing it along with your federal income tax return. If you completed more than one exchange, a different form must be completed for each exchange. For line-by-line instructions on how to complete form, download the instructions here.