As you may be aware, the Biden administration has proposed to modify or repeal Section 1031 of the Internal Revenue Code governing tax-deferred exchanges. This would be extremely harmful to the U.S. economy, and thousands of real estate investors who rely on Section 1031. We encourage you to act now to preserve 1031 exchanges.
An EY study identified that Section 1031 has created 568,000 jobs, generates $27.5 billion in labor income, and generates $69 billion in taxes from local and state transfer taxes, income taxes and depreciation recapture taxes.
