Ep. 231 Michael Brady: Biden's Proposal to Eliminate 1031 Exchanges & It's Impact on Real Estate

Today we discuss 1031 exchanges with Michael Brady, and the Biden Administration's proposal to possibly eliminate them, as well as the potential impact this will have (and is having) on real estate. As an overview, a 1031 exchange allows you to sell one investment or business property and buy another without incurring capital gains taxes. It also has a multiplier affect in that 1031 exchanges help to generate revenue, jobs, and economic development. So why is the current White House administration proposing to possibly eliminate 1031 exchanges when cutting it would barely put a dent in the deficit? Is this really a good idea?   Key Discussion Points [01:06] Opening remarks by Eric Odum & Steven Silverman [03:32] About our guest: Michael Brady [05:14] What is a 1031 Exchange and why is it important? [07:09[ How have 1031 Exchanges and captial gains changed over the last 30 years? [10:19] Discuss the thinking of Congress to cut 1031 Exchanges to help lower the defiicit [12:52] If 1031 Exchanges get cut, how will that affect real estate transactions and prices? [16:43] If 1031s get cut, when might this happen? And might it be retroactive? [20:20] How can folks contact you? [21:32] Closing comments by Eric & Steven