Recently our IPX1031 President, John Wunderlich, was summoned to a private meeting by US Representative Kevin Brady, Chair of the Ways and Means Committee, to discuss the benefits that 1031 exchanges provide for the economy. John asked Evan Liddiard, Senior Policy Representative-Federal Taxation for the National Association of Realtors (NAR) and Matthew Berger of the National Multifamily Housing Council to join him at the meeting. Chairman Brady and John engaged in a lively discussion about tax deferred exchanges. Though the Republican tax reform blueprint does not mention eliminating 1031 exchanges, the Chairman is on record for questioning whether 1031 exchanges are necessary since the blueprint allows for immediate expensing. Immediate expensing is a deduction that taxpayers can take for improvements (such as buildings) instead of depreciating the asset over a number of years.
John pointed out that:
Congress is listening. It’s time to be heard. By simply clicking on the below link, in less than two minutes you can send an email to your Representative and Senators voicing your support to keep 1031 tax deferred exchanges in the tax code.
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