Amanda:

“Can you elaborate as to what constitutes “like-kind” properties ? That is, can a coop seller (where it’s been rented for 3 years) buy a condo? Or a house?”

Jerry Feeney:

“Good question Armanda. IRS guidelines interpret “like-kind” broadly with respect to real estate, and include coops held in productive use as an investment (e.g. sublet for two years) within that definition. So, assuming other requirements are met, a taxpayer can sell land, and buy a house; sell a condo, and buy a multi-unit property, etc., so long as they otherwise qualify.”