1031 Exchange Rules could be changing soon!
Sellers
Sellers
President Joe Biden's proposed 1031 tax plan aims to reform a longstanding provision in the tax code that allows real estate investors to defer capital gains taxes when they sell properties by reinvesting the proceeds into similar properties.
Biden's plan suggests capping the amount of deferred gains at $500,000 and eliminating the benefit for gains exceeding $500,000. Additionally, it would end the practice of deferring taxes on gains over $500,000 entirely and the investor would pay and not be able to defer their taxes owed.
Critics argue that this could stifle investment in real estate, and hinder economic growth and neighborhood/property improvements while supporters assert it as a necessary step toward a fairer tax system and increased revenue for vital public services. As discussions unfold, the potential impact of the proposed 1031 tax plan remains a subject of debate among policymakers and economists alike and It’s not policy just suggestions from President Biden. Let’s see how it all rolls out. For more information on 1031 tax plans changes and other changes to the tax plan visit.
At GRO Real Estate, we specialize in navigating complex real estate situations, including 1031 Exchanges. Reach out to us today for expert assistance tailored to your needs and circumstances. Take control of your financial future—contact us today!
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