Don’t look now, but some members of Congress are crafting a bill that would do away with 1031 exchanges, instead adopting a new bill that would only benefit the largest of corporations. It’s a travesty and it’s time for the American people to band together to save the 1031 exchange before it’s too late. What is the 1031 Exchange? As finance expert Tuan Pham explains, “A ‘1031 exchange’ is the nickname used to discuss Section 1031 of the U.S. Internal Revenue Service’s tax code. This section states that if an individual exchanges one investment property for another via a 1031 exchange, they may be able to defer capital gains (or losses) that they would otherwise have to pay at time of sale.” Section 1031 of the IRS tax code also refers to property outside of real estate -- such as business assets -- but this is by far the most commonly used reason for enacting a 1031 exchange. While everyone should be for...(Read Full Article)