---
title: Tax savings - Renew Wealth Management
description: Renew Wealth Management is a Fiduciary Financial Advisor and Educator for Military Veterans, Federal Civil Servants and their Families, located in Washington D.
author: James Simon
---

# Tax savings

How 1031 Exchanges Can Save You Thousands on Investment Property We discuss the basics of a 1031 exchange, which allows you to sell an investment property and reinvest the proceeds into a new one without paying capital gains taxes immediately. However, there are strict rules to follow, such as the new property must be ‘like-kind’ and you need to identify the replacement property within 45 days and close the deal within 180 days.