Articles written by Wes Wellman

Wes Wellman, Wellman Realty Group|Jun 20, 2021

Let's start with what we know.... President Biden's American Families Plan contains tax proposals with major implications for IRS Section 1031 like-kind exchanges. If adopted, they would land the following 1-2 punch: Limit the cumulative amount of gain to $500,000 an individual ($1 million a married couple) can defer from taxation on the increased value of exchanged investment property; Tax the undeferred portion at ordinary income rates for taxpayers with adjusted gross income over $ 1 million....