Biden Tax Plan Reveals A $4 Trillion Tax Hike! What You Should Know!
If you are a real estate investor or agent, this news may affect you or your clients. A recent read of the Biden/Harris tax plan reveals a $4 trillion tax hike, and one of the considerations for funding this massive tax increase is a change of 1031 Exchanges. President Biden’s administration has proposed eliminating 1031 “like-kind” exchanges for investors with annual incomes of more than $400,000, as part of a plan to fund future government spending on childcare and elderly healthcare. 1031 Exchange is a common strategy that real estate investors use to defer gain when selling one real estate property and replacing it with another without paying any capital gain tax. No wonder there is growing concern about the potential repeal of Section 1031 of the Internal Revenue Code. Implementing proactive tax planning is valuable in times like this.
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Learn More: https://www.forbes.com/sites/bradthomas/2021/04/14/1031-exchange-deal-or-no-deal/?sh=79f2b85a6e36