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1031s And Tax Reform (Or Lack Thereof)

Would Congress pass a narrower bill that targets 1031s instead of delivering a comprehensive overhaul of the tax code?

By Erika Morphy | erikamorphy | Updated on June 26, 2017

The Capitol

WASHINGTON, DC–Congress and the Trump Administration will soon be turning their attention to comprehensive tax reform — an ambitious project that promises to overhaul and simplify both corporate and personal taxes, reduce the corporate tax and close certain tax breaks, such as the 1031 like kind exchange.

While the CRE community would be delighted to see a simplified tax code with lower rates, the elimination of the 1031 would be a harsh blow. Even worse, there has been talk of Congress and the Trump Administration pushing forward a narrower bill that is essentially just a tax cut — and paid for by eliminating some of these breaks such as the 1031. However it is just talk, nothing has been formally proposed as of yet.

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