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Tax Blog

1031 Exchanges For 2017

Be sure to check out Roman at the OPEESA conferance

Be Cautious on TCJA 2017 Changes – 1031 Exchange Narrowed

It’s still being debated and discussed if the Tax Cuts and Jobs Act 2017 (TCJA) has been a complete boon to the economy or a bust. Truthfully the effects won’t be felt completely until next tax season, and for years after as different parts implement themselves and go-away themselves.

An industry that is facing a large hit that hasn’t been discussed is the manufacturers of farm equipment, automotive, heavy equipment, artwork, collectibles (e.g. bit-coin) and intangibles such as restaurant franchise licenses. It is being discussed around the inside companies as a potential $8 billion loss this year alone. Can someone call the president and remind him about the bail-outs a few years ago.

For those readers unfamiliar with what a 1031 exchange is, in summary an article online states they are “tax-deferred exchanges allow[ing] investors to defer capital gain taxes as well as facilitate significant portfolio growth and increased return on investment.” Now before you jump at the word investor, think of the Farmer. When his equipment is worn down, including that large F-350 truck used to haul items around the farm is needing replaced; the 1031 exchange loop allowed him to defer taxes on the new equipment as a like-kind exchange.

Retailers still experienced the profit in the sale, manufacturers still realized the profit gained in the sale. The only party not getting a piece of the action was the government; and this doesn’t settle well for the government. He will be speaking today at the event on Wednesday February 28th at 10:00 a.m. FOLLOW THE LINK BELOW!


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