by James P. McNamara - According to Section 1031 of the tax code, no gain or loss is recognized on the exchange of property held for productive use in a trade or business, or for investment, if the property is exchanged solely for property of like kind to be held either for productive use in a trade or business, or for investment. Personal residences can’t be exchanged tax-free under Section 1031 because they aren’t held for productive use in a trade or business, or for investment.
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