Hi there taxpayers
One of the myths I often hear about is the misconception that Like Kind Exchanges apply when you sell your home and buy a new one within 180 days so no capital gains tax is due. This is completely untrue!
There is IRS code 1031 does allow for the sale and then purchase of an asset to defer (not avoid!) capital gains tax BUT this only apply to business assets or investment property, NOT your personal home or your vacation home.
There are definitely some interesting opportunities within s1031 to defer taxes and I highly recommend that you discuss using the code section for the sale of any business assets or rental property, with your tax advisor well before you decide to take the leap and set up the sale.