04/05/2022
After last year’s failed attempt by the Biden administration to restrict 1031 exchanges, they are again attempting to close tax “loopholes”
If adopted by Congress, the restriction of like-kind exchanges would be one of ten “loopholes” Biden seeks to close. The approach the administration desires “would allow the deferral of gain up to an aggregate amount of $500,000 for each taxpayer ($1 million in the case of married individuals filing a joint return) each year for real property exchanges that are like-kind.” Biden and company argue that, taken together, the cuts would be worth $68.1 billion over ten years
