Where - Can I exchange properties anywhere?

Location, Location, Location...

Exchanges can be performed intra state or inter state but cannot be used for property held outside of the United States.

Intrastate:

Buying and selling a property within the same state IS allowed! In general, intrastate Exchanges are the simplest as the rules regarding taxation are the same on both sides of the transaction.

Interstate:

Buying or selling property in two different states IS allowed! However, some states have different rules and tax expectations that you should be aware of when performing your Exchange. Work with your Qualified Intermediary to identify any possible pitfalls.

Foreign Property:

The IRS clearly states that foreign property CANNOT be exchanged for domestic property or vice versa.