What are the rules and regulations for conducting a like-kind exchange for a personal residence?

Answer 1

The rules and regulations for conducting a like-kind exchange for a personal residence involve meeting specific criteria set by the IRS. This includes identifying a replacement property within 45 days of selling the original property, and completing the exchange within 180 days. The properties must be of like-kind and held for investment or business purposes. Additionally, a qualified intermediary must be used to facilitate the exchange to ensure compliance with IRS regulations.