It is property which meets the definitions contained within Reg. All real property held for productive use in a trade or business or for investment is like kind to all other property so held. Personal property is not so easily traded. Although anything can be traded for anything else, the trade may not be tax free. Some property may be exchanged pursuant to other tax code sections, such as a home sale which can avoid taxes pursuant to I.R.C. 1034.
Some property is never eligible for a tax free exchange.
A second home is personal use property in that category. Discuss the exchange with the real estate agent listing your property or if there is a pending offer, the agent who presented it. There is no substitute for the advice you get from a well qualified advisor who knows you and is looking out for your interest. Neither this fact sheet or other information provided by Casterline Exchange Service company is intended to be a substitute for that advice. If the replacement is going to close later than the day the relinquished property sells, you need to have an intermediary shelter you from receipt of proceeds and property.