What is the concept of "Like Kind Property"

Any real or personal property can be exchanged, provided it is held "for productive use in a trade or business" or "for investment" and is exchanged for property of "like-kind" that will also be held for one of these same purposes. "Like-kind" does not mean "exactly the same", particularly with the exchange of real property.

How long do I have to identify another property?

The replacement property must be identifed within 45 days of the transfer of the first relinquished property.

How long is the exchange period

The acquisition of your replacement property must be completed by the earlier of:

• 180 Days of the transfer of your first relinquished property or;
• The due date of filing your federal income tax return for the year in which you transferred the first relinquished property, including extensions.