The Tax Cut and Jobs Act of 2018 strictly limits qualifying 1031 property to real estate. Personal business property can no longer receive tax deferral treatment through IRC Section 1031.
For real estate, there are few restrictions on the types of property which can be exchanged. To defer taxation, an exchanger must exchange into “like kind” property. Like kind property has been broadly interpreted by the courts and now means virtually any kind of qualified real estate can be exchanged for any other real estate — a ranch for a condo; a shopping center for an office building; a duplex for an interest in an oil well. The options are endless.