By completing a proper 1031 exchange, you can essentially change the form of your investment without cashing out or recognizing any capital gains. New York 1031 Exchange rules allow investors to defer capital gains on the sale of qualified property if exchanged for like-kind property.Visit our library of important 1031 exchange forms. The pros at Equity Advantage have provided everything you need in easily downloadable PDF files. This article focuses on New York 1031 like kind exchanges. After identifying the properties, you must close on one of these replacements within 180 days of the sale. A properly structured 1031 exchange allows an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gain taxes.