Do you pay your annual income tax? Last year we missed filing our 2006 income tax, because we were filing jointly. But early this year we filed both of our 2006 and 2007 income tax returns. Have you heard of Section 1031 exchange? A section 1031 exchange is essentially a tax deferred exchange. In a typical transaction which generates capital gains, tax is payable when the gain is realized. One of the benefits of 1031 exchange is one of the few techniques available to postpone taxes. The taxpayer has to pay taxes when the property is sold for cash. That means that you can invest your tax money to something else. If you want to know more details about this 1031 exchange, check out www.1031.net. 
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