Celia Moore, 1031 Exchanges Done Right Since 1991. (Equity Advantage, Incorporated)

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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 I don't know, but the guy went totally blank for 8 seconds during a presser today.  

May 05, 2021 05:59 PM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

 

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May 05, 2021 03:07 PM
Rainmaker
407,211
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Sleepy Joe is looking for money in all the wrong places, not sure this will gain the support for the votes needed to pass !🤮

May 06, 2021 04:20 AM
Rainer
132,988
Ken Jones, ASA | Broker & Appraiser
Kenneth J. Jones, Inc./Global Valuations - Newark, NJ
Commercial Real Estate Broker & Appraiser

Celia Moore Whether you realize it or not, you are witnessing the transition of our country from a free and open society to a communist dictatorial prison where the government confiscates everything that provides independence and freedom.

May 05, 2021 05:28 PM
Ambassador
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Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Ditto what Kathleen Daniels, Probate & Trust Specialist said.....triple it!!!

May 05, 2021 04:15 PM
Rainmaker
850,929
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Celia, I am more concerned about the proposed ending of the step up basis at time of death, for the family farmers in our state.  Multi-generational farmers who bought farm ground before the 1970s have a very low basis at purchase of well under $1,000 an acre.  

So if an heir inherits an 800 acre farm and it appraises for $11,000 an acre as many have in the past two years and the basis is $1,000 an acre as it was bought in the late 50's, that heir is an instant millionaire as far as the tax code goes.   Even with the proposed $ 1 million dollar exemption for a single filer that individual will have a tax bill on the $9 million "profit" even though the heir did not sell the farm ground and wanted to keep it in the family but cash rent it out,  as he is not a farmer like dad.   With the proposed re-instatement of the top marginal rate of 39.6% the heir would have to sell about 350 of the 800 acres just to pay the tax bill if he/she does not have over $3,000,000 sitting in the bank to pay the tax bill.  Multi-generational farmers are not using the 1031 exhange to dodge taxes as they buy and hold the land.   Many of the smaller family farm owners tell me that if you own under 500 acres it is hard to make a profit many years so they have to cash rent more acreage for the economies of scale to work. 

Now if my progressive friends want to hit BIll Gates and his soon to be ex-wife and tax their 242,000 acres of farm ground without a step up, then set the exemption limit to $20 million for any reason and that would protect the family farmers as most family farms are well under 2,000 acres.     

Family farmers who bought their land generations ago and who have kept it  are not using the 1031 to dodge taxes, they just want to pass the family farm on to the next generation.  There is a provision if the heir actively farms the property there is an exemption for that, but if the family heirs have a career and want to keep the farm and cash rent it that does not appear to be exempted.

Depending on the deceased's estate situation  there could be a hefty estate tax as well further reducing the amount of farm ground passed on to the heirs if the farmer is cash poor like so many who live on credit year to year to get the crop in.

May 06, 2021 04:57 AM
Rainmaker
4,019,365
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Kathleen Daniels, Probate & Trust Specialist politely posed my opinion. Nuff said.

May 06, 2021 02:20 AM
Ambassador
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

What Kathleen Daniels, Probate & Trust Specialist said! Hear, hear!

May 05, 2021 06:50 PM
Rainer
27,870
Celia Moore
Equity Advantage, Incorporated - Portland, OR
1031 Exchanges Done Right Since 1991.

Ron and Alexandra Seigel very true.. I know the FEA and its allies across the country will be working diligently to preserve 1031s in their entirety. The $500k number is also interesting because if you look at the universal exclusion for a married couple, it's also at $500k. In 1997 that meant something... today that means nothing.  

May 05, 2021 03:14 PM
Rainmaker
5,366,046
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Celia,

The real question is will this pass?  A

May 05, 2021 03:00 PM
Rainmaker
313,710
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I can't say what I think out loud.  I better hurry up and get my last 1031 exchange done soon.  I can't have a property left in CA any more.

May 06, 2021 05:58 AM
Rainmaker
868,064
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

It seems the proposal is designed to protect small investors and impact large investors.

In any event, I am not on board with any change to the current 1031 law.

May 05, 2021 07:41 PM
Rainmaker
966,663
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

The government always looks for a way into the wallets of it's citizens

May 06, 2021 05:49 AM
Rainmaker
3,905,959
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I couldn't have said it better than Kathleen Daniels, Probate & Trust Specialist and Ken Jones 

May 06, 2021 04:31 AM
Rainmaker
2,610,572
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The whole picture remains obscure. We the public are never told the whole story nor do we have access to it. Also, be assured behind all this are carefully thought out outcomes. Are we agasint change or the actual proposals is my question. Either way, this is not for or of the people

May 05, 2021 05:30 PM
Rainmaker
1,092,472
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

It's never a good idea to step on the toes of nearly all of your peers.

May 06, 2021 07:13 AM
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

www.endrebarath.com

May 05, 2021 05:20 PM
Rainmaker
1,177,091
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

It's ridiculous for CA. It's bad for all 50.

This will hurt the business of real estate, they already triple tax landlords

(state & fed income taxes + property taxes) in CA, now they want to hit us on the back-end too. The government is systematically killing real estate entrepreneurs. They may create more unaffordable-to-most rentes- inventory, but lessen rental options-there by raising prices...to what end?

May 06, 2021 06:58 AM
Rainmaker
1,697,294
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I think it's harmful but I'm sure NAR is going to fight this tooth & nail.

500K is not enough.

May 06, 2021 05:40 AM
Rainmaker
869,141
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The Fed in DC are on a spending spree. In case you lost count it at 10 Trillion in unfunded spending. Now they need to find the money.
Take a look at who was seated behind Bidden during his speach. Those two have in the crosshairs anything where the prodominate participation is white males. And in thus case, investor Types represent those wealthy who our socioalist leardership PROMISED to tax more.
Who is next?  At some point the wealthy will be all who are not being paid on a W2 basis. That would include 99% of real estate agents.
As Bob suggests, a Plan B may be a good idea when we see the avalanche coming.

May 06, 2021 05:14 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Smart investors will find a way around this.

May 06, 2021 01:06 AM
Rainmaker
1,361,668
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

This will kill the 1031 market in California.  Not much under 500k out here any more.

May 06, 2021 08:32 AM
Rainmaker
414,915
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, GRI,SFR, REALTOR®

Like Kevin O'leary says "P on a stick" When 

"Robinette"

speaks or does something.

May 05, 2021 03:36 PM
Rainmaker
6,367,454
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Let's see what actually passes.

May 06, 2021 09:02 AM
Rainmaker
3,835,760
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Sure NAR will figure this.

May 06, 2021 10:45 AM
Rainmaker
2,013,770
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

He himself would not be able to process what you are talking about . So just who is pulling the Strings ???

May 07, 2021 06:14 AM