tax-free

Exchange of one piece of property for another, often both real estate, under Section 1031 of the Internal Revenue Code. See also Like-Kind Property, Tax-Free Exchange, Delayed.

A transaction in which a property is traded for the promise to provide a replacement Like-Kind Property in the near future. The Tax Reform Act of 1984 allows investment real estate or real property used in a trade or business to be sold with the tax on the gain deferred, provided replacement property is identified within 45 days and closed within 180 days. Other strict requirements must be observed. See also Tax-Free Exchange, Starker.

The adjective has one meaning:

Meaning #1: (of goods or funds) not taxed
  Synonyms: tax-exempt, untaxed