Top Q: What is “like-kind”?
With real property, like-kind means investment property for investment property. You can exchange an apartment complex for vacant land. The replacement property does not have to be income producing, but it must be held for investment purposes. Personal property exchanges must be “similar-in-use.” A plane must be exchanged for a plane, veterinary equipment for veterinary equipment. See our page on Oil & Gas as like-kind property.
