like-kind property

Definition of "like-kind property"
  1. Property of the same nature or character, even if not of the same grade or quality, often relevant in a 1031 exchange
How to use "like-kind property" in a sentence
  1. The investor opted for a 1031 exchange and bought a like-kind property to defer taxes.
  2. The warehouse and the office building were considered like-kind property because both were commercial real estate.
  3. Under section 1031 of the Internal Revenue Code, you can exchange one like-kind property for another without any tax consequences.

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