Step 1: While contemplating the sale of an investment property, contact 1031 Pros. Generally, if you make a likekind exchange, you are not required to recognize a gain or loss under Internal Revenue Code Section 1031.North Carolina 1031 Exchange rules allow investors to defer capital gains on sale of qualified property if exchanged for like-kind property. Start your 1031 Reverse Exchange here. Please provide us with as much information as possible. Fill out the form below to learn more about JTC's Qualified Intermediary services and download our 1031 Exchange Fact Sheet! Reporting a 1031 exchange on a tax return is a meticulous process. Specific IRS forms must be filled out to properly document the transaction. 1031 exchanges allow North Carolina real estate investors to defer capital gains with a like-kind replacement property. Specific IRS forms must be filled out to properly document the transaction.