Quick answer: For federal Section 1031 purposes, like-kind U.S. real property is property of the same nature or character, even when it differs in grade, quality, location, or use. A rental house may potentially be exchanged for an apartment building, commercial property, or land when both the relinquished and replacement properties are held for investment or productive business use. Many investors hear the words like-kind and assume the replacement property must look like th

The 45-Day and 180-Day Rules for a 1031 Exchange