1031 Exchange alternatives

[Jeffrey S Helms]

I am working with a convenience store owner in NC who is planning to sell their store and relocate to New York. Are there any alternatives to the 1031 exchange he can utilize to prevent paying capital gains taxes? 

[Brad Hammond]

Try looking into an opportunity zone.  There are funds as well so they wouldn't need to purchase a specific property.  

[Jeffrey S Helms]

He wants to start another business to be able to support his family when he moves to new york and he is aware the cost of living will be substantially higher in New York versus Albemarle North Carolina. I will mention opportunity zones to him to see how he responds.