If you bought real estate as an investment a few years ago, unless it's underwater or in an empty desert, I'll bet you're sitting on a big capital gain.

If you would really like to take your profit out of that investment, but don't want to pay taxes on it, you might be an excellent candidate for a 1031 like-kind exchange.

Under Section 1031 of the IRS Tax Code, you may defer capital gains on real estate by reinvesting the proceeds in a new property which usually must also be held for business or investment purposes.

But don't try this on your own. It's tricky! Find a qualified intermediary to handle the closings and escrow procedures.

There are strict time limits to a 1031. You have only 45 days from the sale to identify up to three replacement properties and only 180 days to complete the purchase.

One false move and the 1031 will be disallowed. So I repeat, find a professional who has done them before.

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