November 22, 2024 7:57 am
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How Biden’s tax plan will hit property investors

By CNBC (Image by Viktor Birkus )

Real estate investors may soon pay more taxes on high-dollar transactions.

President Joe Biden is asking for higher taxes on real estate transactions with gains of more than $500,000. The tax plan aims to help cover the $1.8 trillion American Families Plan, which pumps money into child care, paid family leave and education programs.

However, financial experts say the tax hike may also put a strain on smaller investors.

The strategy on the chopping block — so-called like-kind or 1031 exchanges — allows investors to defer paying taxes on real estate by rolling profits into their next property.

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