NAR hosted a REALTOR® Party Post-Election Live Webcast today featuring NAR Senior Vice President Jerry Giovaniello and NAR Political Consultant Doug Sosnik discussing the impacts of the election results on the real estate industry. During the webcast, the two fielded questions about impacts on land real estate and Tax Deferred 1031 Like-Kind Exchanges.
While they believe “it remains to be seen what impacts the election results will have on land real estate,” Sosnik explained that “1031s are still in trouble.” He believes this is “because for the last three years, Congress has been trying to limit or eliminate these deferrals. There is a belief that if we get rid of these tax deferrals, people will buy and sell at the same rate. That’s just not the case.” The REALTORS® Land Institute has been a strong opponent to 1031 Like-Kind Exchange Tax Reform and plans to continue to advocate to save it in the future alongside NAR.
For more information about the REALTOR® Party, click here.