Save on taxes and grow your real estate portfolio with a Fairfax Virginia 1031 exchange. Learn how this powerful tool can benefit you.Visit our library of important 1031 exchange forms. The pros at Equity Advantage have provided everything you need in easily downloadable PDF files. 1031 Exchanges are useful for deferring capital gains on an investment property. You will have 45 days to designate a new property, and 180 days to close on it. Form 8824 is used to report the exchange and is included in the publication. 1031 Exchange Guide outlines the basics of Section 1031 likekind exchanges so you can figure out if an exchange is right for you.