Section 1031; A thing of the past ?

Posted by Kevin Dougherty in Uncategorized | 0 comments

A thing of the past ? It may be if President Obama gets his way.

President Obama’s 2016 Budget Proposal includes provisions that would modify current laws relating to §1031 limiting the deferral on real property to a $1 million dollar cap annually and recommending that art and collectibles would no longer be eligible for like-kind exchanges.

See page 111 from the link below:
http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2016.pdf

In addition to the §1031 provisions, the Budget Proposal also addresses tax relief for small business, tax reform for families and individuals as well reforms to capital gains and upper-income benefits.