📢 NAR Counters Biden 1031 Proposal ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🍀

Dated: May 7 2021

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May 7, 2021  The Joe Biden Administration's recent tax proposal includes a $500,000 limit on the amount of deferred gain from Section 1031 like-kind exchanges.
Realtor Magazine 2021 05 07 NAR Counters Biden unacceptable 1031 Exchange proposal since going through the China COVID-19 Coronavirus plandemic Hoey Team exp Realty
If the proposal becomes part of the official package that moves through Congress, it could present adverse consequences for communities and their economic development, according to Evan Liddiard, director of federal taxation for the National Association of REALTORS®. Liddiard was a speaker at the Commercial Federal Policy Meeting at the virtual 2021 REALTORS Legislative Meetings on Thursday.

Section 1031 allows investors to defer paying capital gains taxes on the exchange of one investment property for another if the replacement property is of like kind. Biden had proposed doing away with Section 1031 like-kind exchanges during his campaign.

“We’ve been watching this for months now,” said Liddiard. “We’re not panicking, because we still have a long way to go before the proposal moves anywhere.” That said, the NAR and other members of the Real Estate Like-Kind Coalition are redoubling their efforts to inform members of Congress about the mistake that would result from limiting like-kind exchanges. The organizations have already “had many discussions about the issue with members of Congress, especially on the Ways and Means Committee and the Finance Committee,” he added.

“We keep telling them that most 1031 deals are for mom and pops,” Liddiard explained. “Their reaction has been, ‘Then we’ll limit them to $500,000.‘ They think that’s going to be the answer. But it’s the big deals—the ones over that amount and many more times that amount—that have the potential to create the most jobs and do the most transformational work in cities and communities.”

The prospect that this move could lead to more draconian changes also concerns Liddiard. “There’s always the ‘camel’s nose under the tent’ idea,” he said. “They put a $500,000 cap on it this year. Next year they come back and lower it again. Then finally they take it away altogether.”

In addition to meeting with representatives and senators, the NAR is requesting examples from members about the benefits of 1031s, Liddiard said. “We’re even creating an electronic input sheet on our website so that people can identify a 1031 they think should be highlighted as an example that can change a neighborhood or a community—create jobs and growth. We’ll take the examples to Congress to fight the myths surrounding 1031s and show why 1031s need to be preserved and celebrated.”

🍀 The Hoey Team ☘ directly serves all of Southwest Florida 🌴 

One of our current pending deals on Captiva Island is a 1031 Exchange.

As people continue to move and relocate to the area from other parts of the United States, it is important that we are able to serve all of the area, and offer many different Choices and Lifestyles which are in abundance here in SW FLA 🌴

Inventory remains low overall, but we do continue to list and market new properties to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing. 

Lower interest rates are probably helping with the increased sales; oftentimes over asking price.  Low inventory is the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help.  We recently got an amazing deal for a buyer on a Waterfront Condo with Boat Dock; and we are working on others; so there are deals out there; if you work with us, we will find them. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.VisitCollier.Com      Feel free to share this resource page with others  🌴

NOTE for Buyers and Sellers: On our Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com  ? 

For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details https://HoeyTeam.239RealEstateDeals.Com

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website ☘

Barry is a CLHMS; Click Here to see how we help with higher end properties.

Please visit our Hoey Team ☘ Luxury Home Market Page by Clicking Here

Best Places to Retire? 13 of the ‘Top 25’ Are in Fla â˜˜ Hoey Team â˜˜ exp Realty ðŸŒ´ Southwest Florida ðŸŒ´

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

“Please Share this and our informational website with anyone who you think the info will help. 

Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim â˜˜ 🍀

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