{"id":1503,"date":"2021-07-01T08:00:33","date_gmt":"2021-07-01T12:00:33","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1503"},"modified":"2024-04-25T23:20:00","modified_gmt":"2024-04-26T03:20:00","slug":"the-1031-exchange-and-other-real-estate-tax-staples-will-the-biden-administration-make-changes","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-1031-exchange-and-other-real-estate-tax-staples-will-the-biden-administration-make-changes\/","title":{"rendered":"The 1031 Exchange and Other Real Estate Tax Staples: Will the Biden Administration Make Changes?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/the-1031-exchange.jpg\" alt=\"Image of public housing. Captioned: The 1031 Exchange and Other Real Estate Tax Staples.\" class=\"wp-image-1504\" width=\"389\" height=\"260\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/the-1031-exchange.jpg 519w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/the-1031-exchange-300x200.jpg 300w\" sizes=\"auto, (max-width: 389px) 100vw, 389px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">In the $1.8 trillion American Families Plan, Joe Biden is\nlooking at tightening up the tax code to move more funding into families and\neducation. What tax provisions could be changed? <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The&nbsp;1031 exchange (like-kind exchange) tax-deferrals\nfor business or rental properties.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The stepped-up cost basis for heirs after the\nhomeowner dies.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The current estate tax exemption.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Gift tax provisions.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Congress would have to approve any changes, so none of these\nwill be enacted immediately. If and when they are enacted, their bite may be\nless than their bark. Let\u2019s take a look. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Like-Kind Properties: What Could Change for Section 1031?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Real estate investors upgrade their holdings to higher-priced properties from time to time. Selling one property to buy another typically involves capital gains tax on the first one. But Section 1031 of the Internal Revenue Code enables tax deferral. This can empower the investor to focus on putting money down on the best property to replace the one that\u2019s just been sold. Spoiler alert: Section 1031 is likely here to stay. Assuming it can overcome <a href=\"https:\/\/therealdeal.com\/2021\/05\/03\/bidens-proposal-to-cut-1031-exchanges-may-be-tremendous-blow-to-real-estate-experts\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">real estate industry opposition<\/a>, many people with rental properties will not be impacted much if at all, and any changes may only be applicable to exchanges in 2022 and later. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u261b<\/em><\/strong><strong><em>&nbsp;How is a\n1031 exchange done? See&nbsp;more details at <a href=\"https:\/\/www.deeds.com\/articles\/for-property-investors-six-steps-to-a-1031-exchange\/\">For\nProperty Investors: Six Steps to a 1031 Exchange<\/a>&nbsp;on Deeds.com.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Section 1031\u2019s proponents say the provision is used by small\nbusiness and farm owners. They point out that it helps investors make\nincreasingly more productive use of real estate. Here\u2019s how:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On behalf of these investors, intermediaries hold the sale profits in escrow until the new purchase closes (by law, within 180 days from the sale of the previously owned property). While the <a href=\"https:\/\/www.1031.org\/FEA\/Find_A_Professional\/FEA\/FEA%20Directory.aspx\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">qualified intermediary<\/a> uses the proceeds from the sale of a client\u2019s prior property to buy the new property, it\u2019s the client who receives the deed. Because the investor technically doesn\u2019t touch the capital gains, no tax event occurs. Investors can enjoy unlimited chains of investment growth and tax deferral. By adhering to IRS rules, they benefit from the tax savings for life, by ultimately converting the final property to a primary residence, or passing it after death as a\u00a0<a href=\"https:\/\/www.deeds.com\/articles\/creating-joint-tenancy-in-a-real-estate-deed\/\">tenancy in common<\/a> for their beneficiaries. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Pro tip 1:<\/em><\/strong> The tax\ncode limits capital gains tax exposure when the owner is ready to sell the property\n\u2014 if it was the owner\u2019s primary residence for at least two years within the\nfive years leading up to selling. Restrictions (involving the government\u2019s\nrecapture of building depreciation, and the balance of time the property was in\nqualified and nonqualified use) apply to tax exclusions, so speak with your tax\nadviser when planning to sell.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Pro tip 2:<\/em><\/strong> Holding\nonto your exchange property for life? Your heirs should understand the most <a href=\"https:\/\/www.deeds.com\/articles\/for-home-sellers-capital-gains-tax-101\/\">tax-efficient\ntiming for selling an inherited home in the future<\/a>. Consult an\nestates and trusts lawyer, or a tax expert experienced with Section 1031\nexchanges, to examine your own situation and advise you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Joe Biden has been proposing changes to Section 1031\nfor some time \u2014 even before becoming president. But that doesn\u2019t mean the\nchanges will happen.<\/em><\/strong> <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/joe-biden-has-been-proposing-changes-to-section-1031.jpg\" alt=\"Image of a rolled up news paper with a rubber band around it.\" class=\"wp-image-1505\" width=\"389\" height=\"260\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/joe-biden-has-been-proposing-changes-to-section-1031.jpg 519w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/joe-biden-has-been-proposing-changes-to-section-1031-300x200.jpg 300w\" sizes=\"auto, (max-width: 389px) 100vw, 389px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">May 2021 budget documents released by the administration suggests\na cap on deferrable capital gains to $500,000 annually per person ($1 million per\nmarried couple). That suggests that property owners expecting at least $500,000\nin profit would be especially well advised to consult their financial experts and\nplan for possible adjustments. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If more impactful changes\noccur, we\u2019ll keep our readers posted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Death and Taxes: What\u2019s Happening to the Estate Tax and the Stepped-Up Cost\nBasis? <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As of the 2021&nbsp;tax year, most people die without\ntriggering estate tax. No one owes estate tax whose estate is worth less than $11.7&nbsp;million\n(double that for couples). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>The Biden administration has proposed taxing estates\nof around $5 million per person, which could broaden the net significantly \u2014\nbut this would still only present a tax question for people who pass away with\nmillions of dollars in assets.<\/em><\/strong> We\u2019ll be watching to see how this\nproposal plays out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We should note here that even a modestly valued home could\nbe subject to federal or state estate tax depending on how many assets you\nleave upon death. Note that state governments may set lower thresholds for\nvalues of taxable estates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>The stepped-up cost basis for people inheriting homes could\nimpact many more people. <\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, many homeowners keep houses they\u2019ve had for years or\ndecades, holding them as they build equity, eventually passing them along to heirs.\nBequeathing a home to heirs (rather than giving it or selling it) can spare families\nfrom paying taxes on capital gains that accrued over the course of their\nhomeownership. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To consider a common scenario, say you buy a $150,000 condo.\nThat\u2019s your cost basis. Sell it for $250,000 in 2025, and you\u2019ll owe taxes on your\n$100,000 in sale profits (capital gains). If you don\u2019t sell, but leave the home\nto your heirs, the condo\u2019s cost basis is &#8220;stepped up&#8221; to whatever its\nvalue is when you pass away. So, your own increase of property value over the\nyears can bypass capital gains tax when you pass on. The beneficiaries of your\nwill do not have to come up with capital gains on your increase in value at the\ntime of inheritance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During Biden\u2019s administration, the rules could change. We\u2019ll\nbe watching this. Ending the stepped-up tax basis for heirs could affect even families\nof modest means who have held their homes through a long period of property\nvalue appreciation.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Moving Forward: Why Expert Tax Help Matters<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Capital gains taxation is complicated. So are the decisions\na homeowner makes between gifting a home, placing it into a trust such as a&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/qprt-pertinent-to-your-estate-planning-goals\/\">qualified\npersonal residence trust (QPRT)<\/a>, passing it along through a will, or\nusing other instruments such as the transfer on death deed. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>&nbsp;<\/em><\/strong><strong><em>\u261b<\/em><\/strong><strong><em>&nbsp;Learn\nmore about&nbsp;<\/em><\/strong><strong><em><a href=\"https:\/\/www.deeds.com\/articles\/estate-planning-for-your-real-estate-holdings\/\">Estate Planning for Your Real Property<\/a><\/em><\/strong><strong><em>&nbsp;from&nbsp;<\/em><\/strong><em>Deeds.com.<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As you plan at the intersection of tax and your real estate\nholdings, tax and legal adviser can advise you on strategies that tend to\nperform well in a variety of policy frameworks. Advice that suits another\nhousehold may not be right for you. Case-specific advice matters, so be sure to\nask your own expert if you have questions on current tax policies and changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019re confident about real estate and the value it brings\nbuyers over time. Carefully chosen properties can do very well for the purposes\nof income and appreciation. Overall, while <a href=\"https:\/\/www.deeds.com\/articles\/buying-a-house-to-save-money-its-a-tried-and-true-method\/\">building\nwealth through real estate appreciation<\/a> can\u2019t be guaranteed, its\nvalue transcends policy changes from one administration to the next. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">26 U.S. Code \u00a7 1031: Exchange of Real Property Held for Productive\nUse or Investment. <\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Internal Revenue Code \u00a7 1014 (a): Basis of Property Acquired\nFrom a Decedent.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Internal Revenue Code \u00a7 121(a), \u00a7 121(d)(6): Exclusion of\nGain From Sale of Principal Residence.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><a href=\"https:\/\/www.irs.gov\/pub\/irs-news\/fs-08-18.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">IRS Fact\nSheet on Section 1031 of the U.S. Internal Revenue Code<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Robert Bloink\u00a0and\u00a0William H. Byrnes for <em>ThinkAdvisor.com<\/em> (sponsored by Vanguard): <a href=\"https:\/\/www.thinkadvisor.com\/2021\/06\/16\/bidens-estate-tax-overhaul-forewarned-is-forearmed\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Biden\u2019s Estate Tax Overhaul: Forewarned Is Forearmed<\/a> (Jun 16, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Dwight Kay for Kiplinger: <a href=\"https:\/\/finance.yahoo.com\/news\/biden-tax-plan-could-affect-140944402.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">How Biden\u2019s Tax Plan Could Affect Your Real Estate Investments<\/a> (Jun. 22, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Elder Law Answers: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.elderlawanswers.com\/biden-administration-may-spell-changes-to-estate-tax-and-stepped-up-basis-rule-18125\" target=\"_blank\">Biden Administration May Spell Changes to Estate Tax and Stepped-Up Basis Rule <\/a>(Apr. 29, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/zfKlCKK-Ql0\" target=\"_blank\">Ren\u00e9 DeAnda<\/a> and <a href=\"https:\/\/unsplash.com\/photos\/AN7CTlQaRs8\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Jon Tyson<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the $1.8 trillion American Families Plan, Joe Biden is looking at tightening up the tax code to move more funding into families and education. What tax provisions could be changed? The&nbsp;1031 exchange (like-kind exchange) tax-deferrals for business or rental properties. The stepped-up cost basis for heirs after the homeowner dies. The current estate tax [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1503","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The 1031 Exchange and Other Real Estate Tax Staples: Will the Biden Administration Make Changes? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Congress would have to approve any changes, so none of these will be enacted immediately. 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