Proposed IRS regulations define real property for Section 1031 like-kind exchanges. Under the Tax Cuts and Jobs Act, Sec. 1031 like-kind exchange rules are limited to exchanges of real property completed after Dec. 31, 2017. The proposed regs reflect this change by amending the existing regs to add a definition of real property. The proposed regulations also provide a rule addressing a taxpayer’s receipt of personal property that’s incidental to real property received in the exchange. Taxpayers may rely on the proposed regs for exchanges of real property beginning after Dec. 31, 2017, until the final regs are published. For more info on the proposed regs: