Simultaneous Exchange:
Title is conveyed to the relinquished property concurrent with and just before receiving the replacement property. 

Forward or Delayed Exchange (also called a “Starker” or “Deferred Exchange”):
Title is conveyed to the relinquished property up to 180 days before acquiring title to the replacement property. Previously the IRS held that qualifying exchanges must be simultaneous. Delayed exchanges were sanctioned by court action in the landmark case Starker v. United States in 1979. In response to Starker, Congress formally approved delayed exchanges by way of the Tax Reform Act of 1984, which added the statutory 45 day identification and 180 day closing time-frames. With the new Final Regulations for Delayed Exchanges issued in June of 1991, exchanges adhering to the safe harbors defined therein are perhaps better able to withstand audit than are simultaneous transactions. 

Reverse Exchanges (“Reverse Starker”):
The exchanger acquires the replacement property before conveying the relinquished property. These are used when individuals wish to exchange property they own for property which must be purchased prior to the sale of the relinquished property.

“BUILD-TO-SUIT” OR “CONSTRUCTION” EXCHANGE:-
”Construction” or improvement exchanges are for replacement property to be built. The replacement property is built-to-suit, or is further improved or altered, etc., to the specifications of the exchanger. In a construction exchange, the qualified intermediary usually acquires the replacement property, causes the improvements to be built during its ownership, and conveys the improved property to the exchanger. The building is done in accordance with the building specifications outlined in the purchase contract, and/or escrow instructions, prior to the substitution of the qualified intermediary becoming the buyer. The exchanger approves all work done before disbursement of funds by  the qualified intermediary and exchangers may use the contractor of their choice as long as they are not a “disqualified” person under the Regulations.

While real property improvements need not be completed within the Exchange Period, the value of any portion of the improvements not completed within this time frame will not qualify as replacement property. The 180-day Exchange Period may effectively be extended by delaying the transfer of the relinquished property. This may allow some time for work to begin on construction of improvement on the replacement property. Property “to be produced” in a construction exchange, which is not completed within the 180-day Exchange Period, must be part of the standing structure to be considered real property under local law. A load of raw building material delivered to the building site, will not qualify as improved real property. 

PARTIALLY TAX-DEFERRED EXCHANGE:-
Partially tax-deferred exchanges are transactions in which some portion of the realized gain is recognized and some is not (i.e., you will pay some of the taxes due upon sale, but not all). Examples include: 1. Exchanges which are a combination of a 1031 exchange and an installment sale, with the loan documents payable to the exchanger; 2. Exchanges involving replacement property which is comprised of business or investment property and personal property. You can be fully tax-deferred on these exchanges if you do a multi-asset exchange, covering both the real and personal property; 3. Exchanges where a portion of the gain is taken in cash or other “boot” property, and the balance of the gain is invested in qualifying replacement property.