As Congress considers tax reforms, it is important that Congress not repeal Section 1031 Like-Kind exchanges that allow real estate investors to defer capital gains tax and income tax when they exchange one business or investment property and replace it with a qualifying “like-kind” property.
Repealing the like-kind exchange rules would negatively impact small business and slow economic growth, according to a new Ernst & Young Economic study put out by the Section 1031 Like-Kind Exchange Coalition.
Illinois REALTOR® Dan Wagner, vice president of government relations for the The Inland Real Group of Companies, was among the speakers at the coalition’s roll-out event of the study this week. Read his comments and media coverage from the Bloomberg Daily Tax Report.
Daniel Goodwin, chairman and CEO of The Inland Real Estate Group of Companies, also penned an op-ed piece on the issue,”Why pro-growth tax reform must preserve like-kind exchanges,” for The Hill publication in February.
In other industry headlines:
RE/MAX of Northern Illinois offices honored for fundraising efforts to aid Lurie Children’s Hospital in Chicago – The RE/MAX offices raised $150,000 in 2014 for Lurie Children’s Hospital and Children’s Miracle Network Hospitals. Since 1992, RE/MAX Northern Illinois offices and brokers have raised nearly $2.4 million for the hospital.