The like kind exchange is a popular tool for deferring federal and state income taxes that would otherwise be due on the sale of real estate. In short, when real estate owned for investment or in a trade or business is sold, the proceeds are held by a designated third party until they are reinvested in new property that will be used for investment or in a trade or business. While the general concept is relatively simple, there are many rules and regulations that dictate how the exchange should be carried out to ensure the tax benefit of an exchange. Dunes Law Firm has the knowledge and resources to guide you through your like kind exchange from start to finish. So if you are selling that business property in New York to purchase a rental condo in Myrtle Beach, or if you are selling a rental home in North Carolina to buy some acreage near Aynor to hold for investment, we can advise and assist with all aspects of your exchange.