{"id":2868,"date":"2023-03-24T09:00:00","date_gmt":"2023-03-24T13:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2868"},"modified":"2024-04-25T23:18:08","modified_gmt":"2024-04-26T03:18:08","slug":"the-1031-exchange-helps-real-estate-buyers-avoid-tax-joe-bidens-not-a-fan","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-1031-exchange-helps-real-estate-buyers-avoid-tax-joe-bidens-not-a-fan\/","title":{"rendered":"The 1031 Exchange Helps Real Estate Buyers Avoid Tax. Joe Biden&#8217;s Not a Fan."},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"420\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-1031-exchange-helps-defer-tax-1024x420.jpg\" alt=\"\" class=\"wp-image-2869\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-1031-exchange-helps-defer-tax-1024x420.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-1031-exchange-helps-defer-tax-300x123.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-1031-exchange-helps-defer-tax-768x315.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-1031-exchange-helps-defer-tax-1536x629.jpg 1536w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-1031-exchange-helps-defer-tax.jpg 1918w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The president\u2019s proposed 2024 budget would end the famous <a href=\"https:\/\/www.deeds.com\/articles\/for-property-investors-six-steps-to-a-1031-exchange\/\">1031 exchange<\/a>, a popular tax rule that helps property sellers avoid capital gains tax. Basically, it\u2019s a way of swapping one investment property for another. But Joe Biden\u2019s budget calls it an &#8220;indefinite interest-free loan from the government.&#8221;<\/p>\n\n\n\n<p>This tax loophole, as <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/03\/09\/fact-sheet-the-presidents-budget-cuts-wasteful-spending-on-big-pharma-big-oil-and-other-special-interests-cracks-down-on-systemic-fraud-and-makes-programs-more-cost-effective\/\" target=\"_blank\" rel=\"noreferrer noopener\">the White House describes it<\/a>: lets investors \u201cput off paying tax on profits from deals indefinitely\u2026Real estate is the only asset that gets this sweetheart deal.&#8221;<\/p>\n\n\n\n<p>But can the Biden administration end it?<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">We\u2019ve Heard This Before<\/h2>\n\n\n\n<p>Joe Biden is a longtime critic of the 1031 exchange. Since coming into office, Biden has regularly tried to end or limit 1031 exchange tax breaks. But real estate professionals keep pushing back. They love the Internal Revenue Code\u2019s Section 1031. Why? Because it incentivizes investors to keep buying increasingly valuable properties.&nbsp;<\/p>\n\n\n\n<p>Real estate spokespeople point out that small investors turn to the 1031 exchange to be able to buy new rental properties and build wealth. Here\u2019s what they say.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The American Land Title Association supports Section 1031. ALTA says the exchanges offer benefits to a wide variety of U.S. investors and communities.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The&nbsp;National Association of REALTORS\u00ae similarly points out that these exchanges are used by ordinary investors and retirees.<\/li>\n<\/ul>\n\n\n\n<p>Industry leaders have protested even when the Biden administration promised to keep 1031 exchanges available for smaller investors who make profits only up to $500,000 ($1 million for couples filing jointly).<\/p>\n\n\n\n<p>Granted, Section 1031 is also very popular with owners of massive ranches and holders of mineral rights. These wealthy landowners can use 1031 exchanges to amass enormous real estate holdings. Some pass their ownership down through families, without ever having to declare and be taxed on their capital gains. Subsequent generations will get their \u201cstepped up\u201d cost basis if they wish to sell these properties. So it\u2019s true that Section 1031 is a key tool for the very rich.<\/p>\n\n\n\n<p>Ultimately, will Section 1031 be ended or at least limited? Probably not. White House budget items have to get Congressional approval. &nbsp;And lawmakers, both Democrats and Republicans, often buy investment properties through Section 1031 exchanges.<\/p>\n\n\n\n<p>The real estate lobby continues to be hugely influential, too. All things considered, we can expect the 1031 exchange to survive.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Magic in the 1031 Exchange<\/h2>\n\n\n\n<figure class=\"wp-block-image alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"419\" height=\"388\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-magic-in-the-1031.jpg\" alt=\"\" class=\"wp-image-2871\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-magic-in-the-1031.jpg 419w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/the-magic-in-the-1031-300x278.jpg 300w\" sizes=\"auto, (max-width: 419px) 100vw, 419px\" \/><\/figure>\n\n\n\n<p>Section 1031 lets real estate investors out of capital gains tax when they sell one business or rental property to acquire a more valuable one. By law, an investor must use an independent <em>Qualified Intermediary<\/em> (QI) in the transaction.<\/p>\n\n\n\n<p>The QI (a.k.a. <em>accommodato<\/em>r) locates potential properties that the investor might like to buy. Then, the QI handles the sale of the investor\u2019s current real estate. &nbsp;<\/p>\n\n\n\n<p>The funds from the sale must go to the QI. The QI holds the sale proceeds safely in escrow until the replacement property is identified. The QI buys the new property with the money. The investor\u2019s name goes on the deed.&nbsp;<\/p>\n\n\n\n<p>Now, here\u2019s the magic of it all. Technically, the investor never took control of the sale money. So, no tax event is deemed to have happened. Investors who follow the IRS rules can benefit from Section 1031 tax savings for life, eventually turning the last property in the chain into their own home, or passing the deed to surviving beneficiaries in the form of a&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/creating-joint-tenancy-in-a-real-estate-deed\/\">tenancy in common<\/a>.<\/p>\n\n\n\n<p>\u261b <strong><em>Be sure your heirs know how <\/em><\/strong><a href=\"https:\/\/www.deeds.com\/articles\/for-home-sellers-capital-gains-tax-101\/\"><strong><em>taxes impact sales of inherited homes<\/em><\/strong><\/a><strong><em>. Ask an estate and trust attorney or accountant to carefully review your particular situation.<\/em><\/strong><\/p>\n\n\n\n<p>Bequeathing a home to someone after death (instead of selling it or giving it away during life) can spare the heirs from having to pay taxes on capital gains when they sell. But each estate is unique. Because case-specific advice is critical, consult with your own expert to understand how tax policies and changes may impact your estate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Timeline for Your 1031 Exchange<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"343\" height=\"513\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/timeline-for-your-1031.jpg\" alt=\"\" class=\"wp-image-2870\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/timeline-for-your-1031.jpg 343w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/03\/timeline-for-your-1031-201x300.jpg 201w\" sizes=\"auto, (max-width: 343px) 100vw, 343px\" \/><\/figure>\n\n\n\n<p>You might wonder if a 1031 exchange could work for you, and how. Here\u2019s what you\u2019d need to do, and the timeline for doing it:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ask your real estate pro for a referral and run a search for professional accommodators at the various \u201c1031 exchange companies\u201d in your state. You\u2019d pay their fees out of your transaction funds.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sell your rental or commercial property. Sale proceeds need to go directly to escrow. Do not receive cash proceeds from your property sale.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Have the intermediary locate investment properties of a higher value than the property you\u2019re selling, and draw up a purchase agreement for a like-kind exchange property. You\u2019ll need to have found potential \u201cdesignated replacement properties\u201d within 45 days for your exchange professional to buy for you.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Close on your new investment property within 180 days. Be sure it isn\u2019t a cheaper property than you traded for it (or the IRS will tax your profits).<\/li>\n<\/ul>\n\n\n\n<p>If you invest in properties, you can use Section 1031 to exchange one property into a more valuable one, and keep doing it, gradually building wealth. With each trade up, the Section 1031 tax savings helps fund the more \u201cproductive\u201d property you\u2019re buying. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to End a 1031 Exchange (As an Investor)<\/h2>\n\n\n\n<p>Buying a rental property that you\u2019d love to keep for yourself at some point? Just keep renting it out for two years, treating it as an investment property for tax purposes. Two years isn\u2019t etched in stone, but it\u2019s enough time to show good faith.<\/p>\n\n\n\n<p>When you\u2019re ready, live in the home. Treat it as your primary residence for at least two years. Now, the home qualifies for a capital gain exclusion on your tax returns if you ever decide to sell it. If you keep it for life, your heirs will receive a nice tax benefit: the stepped-up tax basis on estate assets. See&nbsp;<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/like-kind-exchanges-real-estate-tax-tips\" target=\"_blank\" rel=\"noreferrer noopener\">Like-Kind Exchanges \u2013 Real Estate Tax Tips<\/a> to learn about it all from the IRS.<\/p>\n\n\n\n<p>As you know, the Internal Revenue Code is complicated. And states have their own distinct tax provisions. Speak with your tax pro or a local lawyer when planning any real estate deal.<\/p>\n\n\n\n<p><em>\u261b<\/em><strong><em>&nbsp;We have more for you here about&nbsp;<\/em><\/strong><a href=\"https:\/\/www.deeds.com\/articles\/estate-planning-for-your-real-estate-holdings\/\"><strong><em>Estate Planning for Your Real Property<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<p>Now you know how to end your own 1031 exchange, and maximize the benefit your real estate investments bring. &nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/buying-a-house-to-save-money-its-a-tried-and-true-method\/\">Wealth-building wealth through real estate<\/a>&nbsp;is a historically sound method, regardless of wish lists and actual policy changes made by any administration.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">The White House: <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/03\/09\/fact-sheet-the-presidents-budget-cuts-wasteful-spending-on-big-pharma-big-oil-and-other-special-interests-cracks-down-on-systemic-fraud-and-makes-programs-more-cost-effective\/\" target=\"_blank\" rel=\"noreferrer noopener\">The President\u2019s Budget Cuts Wasteful Spending on Big Pharma, Big Oil, and Other Special Interests, Cracks Down on Systemic Fraud, and Makes Programs More Cost Effective<\/a> (fact sheet dated Mar. 9, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">A.J. LaTrace for <em>Business Insider<\/em> (Insider Inc.): <a href=\"https:\/\/www.businessinsider.com\/1031-exchange-joe-biden-budget-tax-avoidance-real-estate-investors-2023-3\" target=\"_blank\" rel=\"noreferrer noopener\">A Popular Tax-Avoidance Tool That Home Sellers and Real-Estate Investors Have Been Using for Decades Is at Risk \u2014 Again<\/a> (Mar. 9, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">26 U.S. Code \u00a7 1031: \u201cExchange of Real Property Held for Productive Use or Investment.\u201d<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Deeds.com:<\/em>&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/the-1031-exchange-in-2022\/\">The 1031 Exchange in 2022<\/a> (Jun. 2, 2022).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Deeds.com:<\/em>&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/the-1031-exchange-and-other-real-estate-tax-staples-will-the-biden-administration-make-changes\/\">The 1031 Exchange and Other Real Estate Tax Staples: Will the Biden Administration Make Changes<\/a>? (Jul. 1, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Deeds.com:<\/em>&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/for-property-investors-six-steps-to-a-1031-exchange\/\">For Property Investors \u2013 Six Steps to a 1031 Exchange<\/a>&nbsp;(Mar. 3, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/close-up-photo-of-a-white-paper-using-vintage-typewriter-4584838\/\" target=\"_blank\" rel=\"noreferrer noopener\">Markus Winkler<\/a>, <a href=\"https:\/\/www.pexels.com\/photo\/salesman-discussing-real-estate-to-a-senior-man-8815880\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kampus Production<\/a>, and <a href=\"https:\/\/www.pexels.com\/photo\/person-holding-black-calculator-while-using-laptop-8296981\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mikhail Nilov<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The president\u2019s proposed 2024 budget would end the famous 1031 exchange, a popular tax rule that helps property sellers avoid capital gains tax. Basically, it\u2019s a way of swapping one investment property for another. But Joe Biden\u2019s budget calls it an &#8220;indefinite interest-free loan from the government.&#8221; This tax loophole, as the White House describes [&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":[116],"tags":[],"class_list":["post-2868","post","type-post","status-publish","format-standard","hentry","category-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The 1031 Exchange Helps Real Estate Buyers Avoid Tax. Joe Biden&#039;s Not a Fan. - Deeds.com<\/title>\n<meta name=\"description\" content=\"This tax loophole, as the White House describes it: lets investors \u201cput off paying tax on profits from deals indefinitely\u2026Real estate is the only asset that gets this sweetheart deal.&quot;\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/the-1031-exchange-helps-real-estate-buyers-avoid-tax-joe-bidens-not-a-fan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 1031 Exchange Helps Real Estate Buyers Avoid Tax. 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