jaftax
Level 3

Client has sold duplex rental property that he had for 10 years and has made a long-term capital gain of $100,000. He subsequently purchased a lake property for 250,000 that he plans on using for both personal time and when not using  personally,  he will rent out.  he plans on renting out the lake home property approximately 40% of the year.

1.   Can this be done as a like kind exchange? 

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