What Does "Like Kind" Mean In My 1031 Exchange of My Fayetteville NC Investment Property?

What Does "Like Kind" Mean In My 1031 Exchange of My Fayetteville NC Investment Property?

In a 1031 tax exchange the property that is transferred must be of like-kind with the property that is acquired. Like kind means that real property may be exchanged for other real property, or personal property may be exchanged for other personal property.

Once you have made the decision that completing a 1031 exchange is the right financial decision, then it is time to sell your investment property and have the right Real Estate Professional locate a like kind property for the exchange.