A Residential Real Estate Blog covering the city of Austin, Texas. Highlighting "Off Market" along with Austin Silent Market Inc Real Estate Active MLS Properties for Sale & Lease. Licensed Agent Insight Articles. Proud Indie ATX Business Advocacy and Local Culture. Written and Produced by Austin Silent Market Broker Associate = George Vance McGee 512.657.9281 direct & email@example.com
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Oppose Proposals to Eliminate or Limit 1031 Exchanges, Click here to help out...
We need YOUR help!
The President has proposed limiting 1031 Exchange tax deferral to a maximum of $500K. The administration says the drastic change is part of the plan to “pay for” the cost of the $1.8 trillion American Families Plan.
This is a direct threat to Section 1031 Exchanges and the proposed limitation will have a severe negative impact on investment real estate and the economy.
You can help. Tell Congress to keep 1031 Exchanges.
Click on the button below to send an electronic letter to Congress. Every letter makes a difference.
Comments from the FEA (Federation of Exchange Accommodators) on President Biden's proposed $500K cap on Section 1031:
The FEA opposes the Administration’s proposal to limit IRC Section 1031 like-kind exchange deferral to a maximum of $500K of gain, as a means to pay for the American Families Plan. We view this proposal, which would effectively eliminate commercial real estate exchanges, as well as larger farm and ranch exchanges, as a misguided view of the actual purpose and benefits of like-kind exchanges.
Section 1031 encourages real estate transactional activity, and in doing so, is a powerful stimulator of the U.S. economy. Section 1031 is not an unfair or abusive loophole. It is broadly used by taxpayers ranging from middle class individuals exchanging rental houses and small apartment buildings, farmers, and small to mid-sized businesses, to larger taxpayers exchanging large commercial properties in major metropolitan areas.
Smaller exchanges create a stable inventory of decent, affordable housing for working families. Section 1031 encourages turnover and investment of fresh capital in these properties, improving neighborhoods and providing decent places to live. Studies have shown that 1031 buyers invest significantly more capital in replacement properties than do non-1031 buyers.
Higher valued commercial real estate exchanges are an important source of jobs for contractors, skilled and unskilled blue-collar workers, lenders, real estate brokers, Qualified Intermediaries, title insurers, escrow companies, surveyors, appraisers, architects, landscapers, building material suppliers and more. The income earned generates tax revenue and consumer spending, furthering the economic impact.
Recent research by EY has estimated that like-kind exchanges are expected to generate 568,000 jobs this year, including $27.5 billion of labor income and a total of $55.3 billion of value added to the US economy. The economic impact of like-kind exchanges in their present form is a far better “pay-for” than eliminating this powerful stimulus.
IPX1031 is the largest and one of the oldest Qualified Intermediaries in the United States. As a wholly owned subsidiary of Fidelity National Financial (NYSE:FNF), a Fortune 300 company, IPX1031 provides industry leading security for your exchange funds as well as considerable expertise and experience in facilitating all types of 1031 Exchanges. Taxpayers’ funds are held in segregated accounts at large stable banking institutions in the United States. Our nationwide staff, which includes industry experts, veteran attorneys and accountants, are available to help you and your legal and tax advisors.
Per Facebook Post and Photo Janrai Gravely & Re-Posted by Madison Kisner. t a f S p o n m s o r e "In case you were at Mozart’s today." 12.23.2020 While I got your attention. Got a question about Austin, Texas Real Estate? Residential? Leasing? Commercial? Lots? Building? Rental Income Investment Property? If so let's talk about it! Austin Silent Market's Licensed Broker Associate George Vance McGee 512.657.9281 iphone firstname.lastname@example.org Happy Holidays and New Year in 2021
NOVEMBER 24, 2020 • 53 MINUTES George Vance McGee - Unicorns and Local Politics (Austin Prop A) Austin unicorn George Vance McGee comes on the podcast to discuss how Austin has changed over the years, recent changes to local law (an increase in property taxes), and some things we can do to keep Austin an amazing place to live. PLAY EPISODE Click here to VIEW / WATCH Friends in Austin PODCAST / VIDEO 53 Minutes. Click here for the VIDEO YOU- TUBE full LINK. https://www.friendsinaustin.com/ https://www.friendsinaustin.com/episodes Listener Review, " I just watched Geo II on Friends in Austin. I intended to watch only a few minutes. Instead, I watched the whole damn thing. I would have known he was your son even if I had no clue. I especially loved his line about the Drag: “It’s gone from hippie bums to actual bums.” You can’t ask for a more blunt and pertinent assessment." David Brooks HOME ABOUT EPISODES SUBSCRIBE NOVEMBER 24, 2020 • 53 MINUTES George Vance McGee - Unic
Inside Joe Rogan’s New Lake Austin Estate Mae Hamilton 14 hrs ago Woman charged with hitting cyclist with pickup truck during Breonna Taylor… Megan Fox Appears on MGK's New Album: Inside the Release Party Casper just slashed mattress prices Ad Casper Regions Bank - Affordable Home Mortgage Ad www.regions.com/Affordable/Mortgage Fed Slashes Mortgage Rates to Insane Lows Ad Fetcharate Slide 1 of 19: After losing his Tennessee bid for U.S. Congress, Texan icon Davy Crockett famously declared, “You may all go to hell, and I will go to Texas.” That was ancient history, way back in 1835, of course. But today, it appears that Joe Rogan — arguably the celebrity closest to embodying a modern-day Crockett ethos — is following the King of the Wild Frontier’s footsteps. The superstar podcaster recently shelled out $14.4 million in an off-market deal for a sublime lakefront piece of residential real estate in Austin, one of the biggest transaction