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What does ‘Like-Kind’ property mean in a 1031 Exchange?

What does ‘Like-Kind’ property mean in a 1031 Exchange?

The term ‘like-kind’ property in a 1031 exchange has a looser definition than people typically think. ‘Like-kind’ property may be any real property for business-use or investment purpose that may be bought from the sale of a property of similar nature or character, even if they differ in grade or quality. The value of the properties have no significance in determining whether they are ‘like-kind’ but solely on whether they are for business or investment purposes.

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