Question
Error Like -Kind exchange
Asset #1: Under the newly enacted "Tax Cuts and Jobs Act", like kind exchanges completed after December 31, 2017 are limited to exchanges of real property that are not primarily held for resale. A transition rule does provide relief for a transaction if the property given is disposed of, or if the replacement property is received prior to January 1, 2018. Please review the disposition to confirm it qualifies as a like kind exchange under the new law. If not, the disposition should be entered as a normal disposition and not like kind exchange.
My question is: Can I do exchange my old car (2020) to new car (2022) as a like kind exchange under the new law?
My question is: Can I do exchange my old car (2020) to new car (2022) as a like kind exchange under the new law?
