Client has a fiscal year entity (09/30/2018) and has a like kind exchange in July 2018 (auto for an auto). Does this qualify for a like kind exchange given the change in the tax law related to like kind exchanges. Please note that the client is filing a 2017 tax return as the BOY is 10/01/2017 and EOY is 09/30/2018.
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No, it does not qualify. The change to only applying to Real Estate is for any exchange after December 31st, 2017, rather than to tax years that start after that date.
From the Tax Cuts and Job Act in regards to the changes for §1031:
(c) EFFECTIVE DATE.—
(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall apply to exchanges completed after December 31, 2017.
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