Like-kind Property


Definition of "Like-kind property"

Lester E. Savage III real estate agent
Lester E. Savage III, Real Estate Agent Berkshire Hathaway HomeServices

Property that is similar in characteristic and when exchanged is a nontaxable transaction. Any property that is not like-king, such as cash (boot), is taxed. As a result, a gain is not recognized for tax purposes until the property received is later sold.

 

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