You might have taken it for an April Fool's joke, except no such chance as the Biden administration is serious. Like last year, it wants to end or severely restrict a number of tax strategies popular among CRE professionals. Except, this year, there was no advanced warning. Instead, word came through the White House's budget.
While some organizations noticed the effective rollback of the 1031 exchange for professionals, there are in fact a number of deductions on the firing line.
"Oh, my God" are the first words that Al Lord, founder and CEO of Lexerd Capital Management, tells GlobeSt.com. "That was eye-opening. No one's talked about that at all. The 1031 piece of it is especially hard-hitting for real estate professionals, individuals, and real estate firms. I think it's shocking that the 1031 is in there again after the Democratic Congress took it out of their budget."
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