The Proposed Change To Section 1031 Intends To …
- End tax deferrals on like-kind exchanges for those generating over $500,000 in capital gains (or $1 million for married taxpayers)
- Disallow exchanges for investors whose annual net income exceeds $400,000,
- Eliminate the step-up in basis for heirs upon death of the investor
- Generate $19.5 billion in tax revenue over the next 10 years, effective in taxable years beginning after December 31, 2021.
Read More: 1031 Exchange Series: Biden’s American Families Plan And 1031
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