A simultaneous exchange must take place for a transaction to qualify as a like-kind exchange.

Name: A simultaneous exchange must take place for a transaction to qualify as a like-kind exchange.
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A simultaneous exchange is not required for a transaction to qualify as a like-kind exchange. The IRS allows for a deferred exchange where the taxpayer has 180 days from the date of the sale of the relinquished property to identify a replacement property and complete the exchange.

A Simultaneous Exchange Must Take Place for a Transaction to Qualify