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Source: MPA —
President Biden is pushing to close a tax loophole that has allowed real estate investors to defer paying capital gains on property sales as part of his $1.8 trillion spending package for new social programs.
The Biden Administration said that the proposed economic plan would eliminate a tax break, known as 1031 exchanges, on real estate profits of more than $500,000. The tax treatment enables property investors to reinvest the proceeds of sales into future purchases without paying capital gains taxes on profits.
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