Effective this year, the federal Tax Cuts and Jobs Act wiped out the 1031 exchange tax deferment benefit for personal property, such as primary residences, vacation homes, artwork and collectibles. That change might have caused confusion about how exchanges of real property, like office buildings, warehouses and self-storage facilities, would be treated by the IRS.

To the relief of high-net-worth (HNW) investors and family offices, Congress retained the 1031 benefit for real property. However, this doesn’t give HNW investors and family offices a license to indiscriminately swap properties.

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