Section 1031 property exchanges make it possible for real estate investors to sell one property and reinvest the proceeds in a new property. By completing a proper 1031 exchange, you can essentially change the form of your investment without cashing out or recognizing any capital gains.Step 1: While contemplating the sale of an investment property, contact 1031 Pros. Do you know the Number One Rule to remember regarding 1031 exchanges? What are the steps for a basic forward 1031 exchange? Nonresidents fill out New York Form IT2663 and then indicate that they're using the property in a taxdeferred likekind exchange. This article focuses on New York 1031 like kind exchanges. Fill in the blank form formatted to comply with all recording and content requirements. If you're interested in doing a 1031 exchange with Equity 1031, please complete this form. In a "reverse" exchange, an Exchange Accommodation Titleholder (EAT) acquires bare legal title to the deed.