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