Tax and finance · Reinvent NY glossary
A 1031 exchange (also called a 'like-kind exchange') allows real estate investors to defer capital gains taxes by selling one investment property and reinvesting the proceeds into another 'like-kind' property. Rules: the replacement property must be identified within 45 days and acquired within 180 days of the sale. A Qualified Intermediary must hold the funds — the investor cannot touch the money. The exchange must be for investment or business property (not personal residence). Foreign investors can use 1031 exchanges, but FIRPTA withholding may still apply. The deferred gains carry over to the replacement property.
The four states international buyers ask about most: New York up 5.2% on the year, California at a 4.22% yield, and what Texas and Florida really cost.
Indiana, Missouri and Ohio in 2026: state gains of 3-3.5% on the year with yields of 5.75-6.61%, and the secondary cities quietly outperforming the metros.
Baltimore in 2026: a $192,669 typical value, $1,799 rents and an 11.2% gross yield — the highest on the Northeast corridor, and what the price is telling you.
Ohio in 2026: a $251,502 state median up 3.5% on the year, with Cleveland at a 14.13% gross yield and Columbus at 6.96% — and what separates the two.
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