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Rainmaker
987,020
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Repeal of the provisions afforded to owners and investors by section 1031 of the tax code would be a huge blow to small and large income property owners/investors.

Oct 01, 2020 06:03 AM
Rainmaker
4,377,175
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I guess I have to "go with" Ken Jones answer. I don't do commercial real estate I'm not especially familiar with 1031 impact on that segment of the real estate market. In 27 years in residential real estate I've never had occasion to do a 1031 exchange, so don't feel one way or another about it. I'm more concerned these days with Biden's position to increase taxes on individuals and businesses... I suspect that would have a major impact on our economy that we will all feel.

Oct 01, 2020 06:03 AM
Rainmaker
468,849
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Join and contribute (participate) in your local, state and national associations. Many such battles have been fought. Some politicial or "other" group has always been coming after anything that works or even moves in effort to stop it and/or get a chunk of it. 

Oct 01, 2020 07:23 AM
Rainmaker
736,289
Gwen Fowler-864-710-4518 SC * Mountain* Lake*Home
Gwen Fowler Real Estate, Inc - Walhalla, SC
Gwen Fowler Real Estate, Inc.

I love 1031 exchanges. A little more paperwork, but the advantage is the tax savings.  This allows many of my customers to buy and then sell and then move up to the next price point.  If they had to pay the taxes at the time of the sale they would not be able to move up.  Owners of 2nd homes know about this and use 1031 to their advantage.

Oct 01, 2020 06:43 AM
Rainmaker
5,766,239
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Donald,

I agree with Ken Jones .  Instead of cutting useless programs out of the budget and perhaps taking a cut on their salaries raise each year, they look to taxes as the solution.  But, they are the first to tell the public that they have to cut their budgets?  A

Oct 01, 2020 06:43 AM
Rainmaker
1,433,821
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

I think that there are too many laws on the books and the tax laws are changed to make the politicians richer!

1031 should be kept as it does more good for the investors.

Oct 01, 2020 05:51 AM
Rainmaker
689,050
Eileen Burns
Trans State Commercial RE Ft. Lauderdale/Miami/Palm Beach - Fort Lauderdale, FL
FLorida Real Estate Connector

1031 stimulates the economy and offers benefits for those who take the time to see their pros and cons.  Very strict IRS rules.  A excellent tool for building wealth and we should be encouraging more investors to take advantage of this vehicle    The transfer of wealth in the coming years is enormous and tax planning should be part of the equation with how you struture your acquisitions to protect your heirs

Oct 01, 2020 08:21 AM
Ambassador
3,129,920
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Another 💩💩💩💩 attempt.  I echo Mr. Ken Jones comment.  Let's think about why these attempts are being made now?  What is the real agenda here?

Oct 01, 2020 07:07 AM
Rainmaker
5,209,114
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

The 1031 is a good program for investors, and was on the chopping block before, so hope our lobbyists can save it again! 

Oct 01, 2020 05:20 AM
Rainmaker
1,418,764
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I am not a fan of removing anything that benefits investors, from the average Joe investor to the big companies.

Oct 01, 2020 08:14 AM
Rainmaker
912,168
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Remember DC just spent 5 Trillion dollars.

DC will spend 5 Trillion more based on how you vote.
It has already been demonstrated DC views investors as collateral damage.
In the illusion this will create immediate revenue DC will do what they always do.....crash the plane, blame the other guy and call it 'building bridges.'
I've done over 20  1031s in the past 20 years. It a good tool as it exists and should not be flown into the ground.

Oct 01, 2020 06:31 AM
Rainmaker
1,753,943
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Bad impact on the economy.

Oct 01, 2020 06:04 AM
Ambassador
3,066,261
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Personally I think we should abolish the IRS and have a fair tax.  

Of course I also think congress should work from home and have one staffer and expense account.  

Sadly no one will let me be queen for a week to fix these things.

 

Oct 01, 2020 02:29 PM
Rainmaker
2,676,656
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What is behind it all? That's the real story. With all our problems as a country, why create or disturb additonal when the existing needs looking at.

Oct 01, 2020 06:20 AM
Rainmaker
492,846
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I have done a few 1031 exchanges recently, some for myself and some for clients.  It really is a GREAT program for the little investor and really does help to increase wealth.  I have one more 1031 exchange that I need to do.  Do we have a real threat of it going away?  Do I need to move quickly?

Oct 01, 2020 09:46 AM
Rainmaker
6,907,188
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I have not been following this fight.

Oct 01, 2020 08:09 AM
Ambassador
1,857,321
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

I've only been involved in one 1031 exchange in my career, and to be quite honest I didn't totally understand what I was doing at the time.  My client was very familiar with the process, as he had done it many times, and he drove the transaction.

Because I don't really deal in Starker exchanges, I don't really know how it would impact things, so I don't really have an opinion.

Oct 01, 2020 06:18 AM
Rainmaker
3,372,981
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Elections have consequences I was told, and when they voted in the high spenders and high taxers into congress, they are going after the hard workers every way they can to pay for their uneeded spending

Oct 02, 2020 05:05 AM
Ambassador
3,364,047
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Ken Jones and Kathleen Daniels, Probate & Trust Specialist answered this perfectly. This action belongs in Kathleen's group.  Crap.

Oct 01, 2020 11:29 AM
Rainmaker
1,032,454
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hadn't heard of a fight. BUT why play with something that seems to work well?

Oct 02, 2020 08:42 AM
Rainer
296,011
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

two words: FAIR TAX

Oct 01, 2020 03:01 PM
Rainer
135,204
Jerrill Ewing
N & J Lake Properties, LLC - Eatonton, GA
Builder

unless the tax code was drastically changed it would hurt commercial and investment business a lot, but not residential.

Oct 01, 2020 02:40 PM
Rainmaker
4,457,448
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I dread anytime Congress want to change things to benefit another group. All they do is move the loop hole! Smart people would clean it up a bit, but the 1031 drives the commercial market.

Oct 03, 2020 04:46 AM
Rainer
244,259
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse specialist

1031 Exchanges are pretty common in both residential and commercial sales in NYC.

I am pretty conflicted on the issue and don't have a position. I have a capital markets background and realize the huge positive economic impact of the 1031 exchange, though I also see the substantial issues of economic inequality- and this is definitely a massive tax benefit not available to the average person.

I do advise clients on the huge benefits of the 1031 exchange benefits - and clients love that I am looking out for their best financial interests. At the end of the day, economic inequality is a distance second to the fiduciary responsibilities to my client.

Oct 28, 2020 12:11 PM