Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges for the year of the exchange. The Instructions for Form 8824 explain how to report the details of the exchange. Even if you recognize no gain or loss, you must report the exchange.

If you received money or other property (not like-kind) as part of the exchange, you must recognize gain (but not loss) to the extent of the amount of money or the value of other property you received. For this purpose, consideration received by a taxpayer in the form of an assumption of a liability by the other party to the exchange or the transfer by the taxpayer of property subject to a liability is treated as money or other property. However, in determining the gain you must recognize, consideration you receive in the form of an assumption of a liability or the transfer of your property subject to a liability may be offset by (1) any cash you pay to the other party to the exchange, and (2) certain liabilities you assume as part of the exchange. You must report recognized gain on Form 4797, Sales of Business Property and Schedule D (Form 1040), Capital Gains and Losses. Refer to the detailed section on qualifying like-kind exchanges in Chapter 1, Gain or Loss, in Publication 544, Sales and Other Dispositions of Assets.