Chances are you know someone who has done a likekind exchange of real property a commercial building or residential rental, for example. Qualifying exchanges allow you to get a new property without having to report the gain on the sale of the old. You can use a likekind exchange for property other than realty. When you trade in a truck used in your business towards the purchase of a new truck, that’s a likekind exchange. But not all exchanges qualify. One rule is that the properties have to be in the same general asset class. For example, office equipment (desks, chairs, file cabinets, shelving, etc.) for other office equipment; trading office equipment for a car won’t work. Nor will an auto for a light truck or a light truck for a heavy general purpose truck. And inventory, goodwill, going concern value, customer account lists, trademarks, trade names and similar intangibles can never qualify as likekind property. Not all likekind exchanges are nontaxable. If money or other nonlike property (boot) is involved or the new property’s value is less than the old, some, if not all of the gain will be taxable.