what is a like kind exchange 
a like kind exchange is a tax deferred transaction that allows for the disposal of an asset and the acquisition of another similar asset without generating a capital gains tax liability from the sale of the first asset until the passage of tax legislation in december 2017 that could have included the exchange of one business for another or one piece of tangible property such as artwork or heavy equipment for another after 2017 a like kind exchange applies only to the exchange of a business or real estate investment property for another property 