Congress passed a tax extenders bill in December that included a number of victories for Realtors®, but when it comes to tax policy and real estate, there’s still plenty to talk about.
NAR 2016 Immediate Past President Chris Polychron took on a big tax issue this month with an op-ed supporting 1031 like-kind exchanges. The piece addresses the ongoing need for 1031 exchanges and reminds readers of their importance in supporting a range of real estate transactions.
Survey data released in 2015 showed that 63 percent of Realtors® participated in a like-kind exchange between 2011 and 2015, but they were far from the only beneficiaries of like kind exchanges.
NAR’s survey also found that 1031 exchanges in which Realtors® participated resulted in the creation of 10 to 35 new jobs, in large measure due to spending on building improvements following the acquisition.
That means 1031 exchanges aren’t simply good for Realtors®; they’re good for the broader economy as well.
Ready to dig in? Read Chris Polychron’s op-ed in the commercial edition of this month’s Scotsman Guide. For more, NAR also offers a field guide on 1031 like-kind exchanges that’s full of good information.