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Like-Kind Property |
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Like-Kind Property Properties of the same type that are not necessarily the same property. Under U.S. tax law, two parties may exchange like-kind property without being subject to capital gains taxes. For example, if a person trades a rusty 1993 Chevrolet Cavalier for a mint-condition 1968 Chevrolet Corvette, he will not be liable for capital gains taxes on the extra value of the Corvette because both properties are automobiles. However, if he then trades the Corvette for 100 acres of farm land, he is liable for capital gains taxes because cars and real estate are not like-kind properties. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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