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Like-Kind Properties The requirement of Tax Code 1031 to exchange into "like-kind" property does not mean that an investor must exchange one apartment builing for another, one piece of vacant land for another or exchange into exactly the same type of property sold.
Any real property held for investment or real property used in a trade or business can be exchanged for any other real property held for investment or real property used in a trade or business.
For instance, commercial property can be exchanged for industrial property or apartments, multiple rentals can be exchanged for single user commercial investment, and so on.
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