Like=kind exchanges are a bit more complex than that. The money received from the sale of the land has to be held by an escrow agent until the purchased property is closed upon. This is usually an exchange agent. The money used for the purchase has to be the exact same money received from the sale, not just the same amount, but the actual same money. If you take possession of the money at any point, the exchange is voided. You also have to file a form within 45 days identifying the possible properties to be purchased, The purchased property must cost more than the sold property to be completely tax-free.
