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1031 glossary, explained like you're 10

Boot, QI, basis, DST… Type a word in English or Vietnamese, accents optional. Each term has a Bay Area example and the mistake people make.

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General info, not tax or legal advice. Examples use round numbers to show the idea. Ask a CPA and your Qualified Intermediary before you sign.

Common mistake: "1031 means no tax." No. It means later tax. The gain follows you to the next property. Only the step-up at death (§1014) wipes it out. See Step-up.

Next steps

  1. Does your property even qualify? Check in T220.
  2. See your gain, boot and tax in T27.
  3. Get every step with real dates in T227.
  4. Not sure which kind of 1031? T228.
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