The 2017 Tax Cuts and Jobs limited like-kind exchange treatment to exchanges of real property. A variety of exchanges of personal and  intangible property no longer qualify for nonrecognition of gain as like-kind exchanges as of Jan. 1, 2018. These include vehicles, artwork, collectibles, patents and other intellectual property. An exchange of real property held primarily for sale also does not qualify as a like-kind exchange.

Like-kind exchange treatment applies only to exchanges of real property held for use in a trade or business or for investment. Real property includes land and generally anything permanently built on or attached to land. 

Real property also includes property that is characterized as real property under applicable state or local law. Intangible properties, such as leaseholds or easements, qualify as real property under section 1031.

Taxpayers must file e Form 8824, Like-Kind Exchanges to report such an exchange. This must be filed with the tax return for the year they transfer property under a like-kind exchange.  The form helps them figure out the amount of gain deferred and the basis of the property received. They can also calculate the gain they must report if r if cash or property that isn't of a like-kind is involved in the exchange.