In a 1031 exchange transaction, the seller of qualified property can use the entire equity in the property to purchase Replacement Property. Once a 1031 Exchange has begun it needs to identify at least one replacement property within 45 days after relinquished property has closed.Information about the likekind exchange and requirements under IRS Code Section 1031 for recognizing a gain or loss. Providing Pennsylvania investors with 1031 Exchange replacement properties guidance, FAQ, rules and 1031 Exchange listings. 1031 exchanges allow real estate investors to reinvest in new properties, preserve capital, and optimize their investment portfolios under IRC Section 1031. Return the completed form to 1031 CORP.