CEO Ricky Novak of Strategic 1031 Exchange Advisors, a consulting firm and qualified intermediary that provides real estate as well as tax consulting services for clients structuring complex real estate transactions and asset dispositions, joins Michael Bull, host of The Commercial Real Estate Show, to discuss the uncertain future of the 1031 exchange. Highlights of this discussion include the following:
- For the first time in a long time, efforts to eliminate or significantly alter is a legitimate possibility
- 1031 Exchanges involve billions of dollars
- Impact goes beyond taxpayers to attorney, banks, brokers, and more
- A limit of $1 million in deferral per taxpayer, per year, is being discussed
- Both political parties seem to have some interest
- Proposed changes are online at 1031taxreform.org