We’re going over the latest news concerning 1031 exchanges.
Today we’re here with Lance Growth from Growth 1031 because he has breaking news to share about the 1031 exchange legislation. Everyone was worried that 1031 exchanges were going to be eliminated or minimized because so many social programs were released that needed to be paid for, and the 1031 exchange accommodators were ripe for the plucking. However, the House Committee of Means released a proposal with a new tax plan in which 1031 exchanges are preserved. That’s excellent news for real estate agents, the housing community, and investors!
You’ll still be able to make like-for-like house transfers to preserve your equity and defer the taxes on the exchange. If you have an investment property that you rent out, don’t live in, and that generates profits, you can still defer those taxes. The decision to preserve 1031 exchanges was mainly done to encourage people to re-invest in the economy since we’re trying to help it recover right now. Everyone wants to shelter their wealth, and luckily our 1031 exchanges aren’t going anywhere.
If you or a client wants to do a 1031 exchange, call Lance at (619) 991-1031. He has the most up-to-date information and is a great resource. Our job is to bring value to the real estate community, and Lance does the same. If you ever have questions about title insurance or issues, call or email us. We would love to help you.