Personal Property Exchange

The IRS permits the deferral of capital gains on the purchase and sale of like-kind personal property. The definition of like-kind for personal property is much stricter than that applied for real property. To qualify, the relinquished and replacement property must be in the same General Asset Class or Product Class. This designation includes, office furniture and equipment, airplanes, boats, tractors, trailers, barges and railroad cars. Sometimes in a transaction, both real property assets together with personal property assets are exchanged. As with the reverse exchange, these types of exchanges are highly technical and require consultation with one’s accountant and tax attorney.

Learn More About 1031 Exchanges on Our Blog
Personal Property Exchange

Personal Property Exchange

The IRS permits the deferral of capital gains on the purchase and sale of like-kind personal property. The definition of like-kind for personal property is much stricter than that applied for real property. To qualify, the relinquished and replacement property must be in the same General Asset Class or Product Class. This designation includes, office furniture and equipment, airplanes, boats, tractors, trailers, barges and railroad cars. Sometimes in a transaction, both real property assets together with personal property assets are exchanged. As with the reverse exchange, these types of exchanges are highly technical and require consultation with one’s accountant and tax attorney.

Learn More About 1031 Exchanges on Our Blog