If you exchanged business property for business property of a like-kind, you don’t have to pay tax on any of the gain until you actually sell or dispose of the property you received.
Go to this section in Credit Karma Tax: Like-Kind Exchanges
If you received something else like cash or other property in addition to the like-kind property, then you must recognize a gain on the amount of cash or other property received. Losses of like-kind exchange property are not deductible.
We’ll help you calculate the taxable portion of like-kind exchanges based on the information you provide.