IRC section 1031 allows property owners to exchange either like-kind real estate or personal property for other like-kind real estate or personal property. Although the rules for "like-kind" real estate are broad, the rules to exchange personal property specifically state that the exchanger can only receive a tax deferral if the sale of his personal property is exchanged for the purchase of personal property that falls within the same product class or general asset class.

For more information on product or general asset classes, and whether or not you can exchange your personal property while deferring your capital gains, please contact Advanced Property Solutions at 1-877-815-1031 for a FREE consultation.