Learn everything you need to know about how the 1031 exchange rules work, including the 1031 exchange timeline, process, and types of exchanges. Nevada 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property.A 1031 Exchange is a Powerful Tax Deferral Opportunity. The Advantages of a 1031 Exchange. Your beneficiaries receive the property at the stepped up basis not at the price you paid for it. To download this guide as a PDF, fill out the form on the right. 1 fill out the WHICH form to not complicate my hiers with having my husband attached to my property with nv spouse property rights. Based on the language of Section 1031, there are 4 essential elements to completing a valid likekind exchange: 1. If a new party was not on the deed of the property being sold, they are considered a nonexchanging taxpayer.