Yep that's right....Found this: like-kind exchanges. No gain or loss is recognized if business or investment real property is exchanged solely for other business or investment real property of a like kind... The like kind exchange rules do not apply to exchanges of property the taxpayer uses for personal purposes. A vacation home or other dwelling unit may generally be treated has held for business purposes if: The taxpayer rented out the unit for at least 2 weeks in each of the two years before the exchange, and rents out the property received for at least 2 weeks in each of the first two years after the exchange, and the taxpayer's personal use of the units in those years is minimal....