Tax reform bill is signed by the President with Real Estate 1031 like-kind exchanges preserved:
- Section 1031 like-kind exchanges for real estate are preserved under current law.
- The role of the Qualified Intermediary is preserved.
- Exchanges of personal property assets and intangibles are eliminated.
Several other provisions, including cuts to the corporate and individual tax rates, 100% immediate expensing for business assets, and provisions for pass-through businesses will affect Qualified Intermediaries, exchange clients, investors, businesses, and multiple industries.
We are still evaluating the provisions and the impact on our clients specific 1031 exchange strategies.
Link to the bill: https://www.congress.gov/115/bills/hr1/BILLS-115hr1enr.pdf