This half-hour session will include tax planning for 2021 for high-income REALTORS®, the common elements of the IRC 1031 Exchange (the tax deferral/saving that this tax strategy has saved millions of taxpayers in the past 60 years) and the potential changes that the Biden administration has proposed to the IRC 1031 Exchange. In addition, the other significant tax change proposals will be covered, including:
- The elimination of STEPPED UP BASIS at death
- The increase in the CAPITAL GAINS TAX RATES
- The potential for reduction of the federal ESTATE TAX EXCLUSION/EXEMPTION
- The increase in marginal tax rates
- And other proposals
Not all of these proposed changes will become law, and their applicability will only impact individuals at higher income and net worth levels.