What is 1031 exchange law in real estate industry?

[Good-Person]

1031 exchange law is a kind of law that allows a person to finance another real estate investment after selling a specific property. What's quite interesting thing about this specific law is that it allow investors to pay the taxes on property much later on. So, is it a good law that may help real estate investors?

 

[Kane]

Never heard of 1031 exchange law. Is this law in practice in your home country, or is this law only used in the United States? By the way, in our country selling your property to buy another is very common. People usually sell properties in rural areas to buy properties in urban areas.