What does "Acquire home in like kind exchange" mean?

paul_barnhill · ‎June 5, 2019

We bought a house in June, 2013. We sold the house in August, 2016.

KarenL2 · ‎June 5, 2019

This usually applies to investment or rental properties. It's a method of deferring potential capital gains by investing the proceeds into other qualified "like-kind" properties. If this is your primary residence that you purchased without transferring proceeds from an investment property, it doesn't apply to you.

See this IRS link for further detail on like-kind exchanges https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031

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KarenL2 · ‎June 5, 2019

This usually applies to investment or rental properties. It's a method of deferring potential capital gains by investing the proceeds into other qualified "like-kind" properties. If this is your primary residence that you purchased without transferring proceeds from an investment property, it doesn't apply to you.

See this IRS link for further detail on like-kind exchanges https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031