“Like-Kind” Property

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STEPS TO COMPLETE AN EXCHANGE

Replacement Property acquired in an exchange must be “Like-Kind” to the property being relinquished. The term “Like-Kind” refers to the nature or character of the property and not to its grade or quality.
In an Exchange, “Like-Kind” only applies to real property that has been used for business, trade, or investment purposes. Almost all real estate qualifies for an exchange, with the exception of your primary residence.
There is some flexibility in this definition. Although the properties involved in an exchange must be “Like-Kind”, they do not need to be exactly alike.

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STEPS TO COMPLETE AN EXCHANGE

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