Any property held for productive use of trade or business or for investment can be exchanged for any other property held for productive use in trade or business or for investment – these properties are considered “like-kind” to one another.  Examples of like-kind investment real estate include: exchanging unimproved for improved property; a fee interest for a leasehold with 30 or more years left; exchanging vacant raw land for a commercial building; or exchanging a single family rental for a small apartment complex.  The rules for exchanges of personal property are significantly more narrow and class or asset code specific than for real property. Read the full article, Like-Kind Property.