Tax Partner Stephen Gilman wrote a column about the impact of the Biden Administration’s tax proposals on real estate, for the Mann Report.
The Mann Report
By Stephen Gilman, Partner, Tax & Business Services
Limitation on like-kind exchanges… is probably one of the most impactful proposals for the real estate industry. Individual taxpayers would only be able to defer capital gains of $500,000 per year ($1 million for married filing jointly). Any gains from like-kind exchanges in excess of those amounts would be recognized as a sale of real estate.