The process for setting up a 1031 exchange will vary according to how you choose to go about your transaction. If you're working with your own personal lawyer and tax professional, these experts will advise you as to what information is needed at each point of the process. If you're working with a realty firm or other professional organization that specializes in guiding investors through the 1031 exchange process, you'll receive similar instructions about how to proceed.

1. Your name. For the purpose of this 1031 exchange transaction, expect to be referred to throughout as the "exchanger."

2. Your status. Are you an individual? A married couple working together? Do you represent a company or business? In short, how are you entering into this agreement?

3. Your address. Clearly, this will not be the property address in question (either of them), as you cannot exchange your residential property. Make sure this address is appropriate for receiving plenty of mail.

4. Your home, work, and/or cell phone numbers. Be sure to supply a number where you can easily be reached - especially during business hours.

5. Your fax number. There are many documents which will be exchanged during the 1031 process, and fax is often the most logical way of ensuring they are delivered. If you do not have easy access to a fax machine, consider finding out if your email server can accept faxes.

6. Email address. Again, this is all about making sure you can be contacted easily. Supply an address that you check regularly.

7. Relinquished property address. This is the address of the property you are SELLING to begin the transaction. This information is critical, as it is the sale of this "relinquished property" that begins the 1031 tax exchange process.

8. Name and address of escrow/closing company. What company is helping you with the sale of your current property? How can that organization be easily contacted?

9. Name and address of closing agent or escrow officer. Which individual at your closing company is personally in charge of your specific sale? How can this person be easily contacted?

10. Name(s) of buyer(s) of your relinquished property. You must supply information about the party that has purchased the property you have just sold, as they will be required to participate (minimally) in the 1031 exchange process.

11. Exchanger's realtor. Identify who it is that you are working with to locate and purchase a replacement property. You will need to provide contact information for this person as well.

Note that you do NOT need to supply information about your intended replacement property at this early stage: you will identify and declare your replacement property during the 45-day identification period that begins your 1031 tax exchange period.