#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

What is a like-kind exchange?

 

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.
Source: irs.gov

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