ClutchCityAg said:
ag94whoop said:
ClutchCityAg said:
Have yall seen that Biden wants to take away the 1031 Exchange? Anyone smarter than me have an idea how that could affect the macro market and real estate companies?
It's forcing me into rushing a life decision I don't want to rush into with respect to some properties I own . Very frustrating
Same with our family... Looking at potentially selling primary residence and then living on-site for awhile in order to use the homestead exemption on a future sale.
And with other new tax rules, apparently we would have to pay taxes if my parents gave me equity in our family business. This falls under Gift Tax I believe. How effed up is that?? Goodbye generational family businesses
If they gift it to you this year, there is still the $11 million exemption for gift tax, they would just have to file a gift return. But after this year who knows.
I can understand the increase in income taxes but increasing long term cap gains and eliminating the 1031 are major moves that could cause hugely negative impact on the housing market as well as real estate as a whole