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Forum » Biden Just Killed Real Estate Also
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Thread: Biden Just Killed Real Estate Also

post 1637293453 04-28-2021, 01:12 PM
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Originally Posted By 5x10⏩
Can’t believe people support the government increasing taxes
Only a matter of time before it Impacts them
Then it falls under the “ you get what you fuking deserve” category
I’m indifferent to it for sure.

Why should real estate specifically get special treatment ? Fuk the feds but why does the RE industry get special rules.

Can a retailer not recognize gain if they keep buying inventory ? Lol.
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post 1637293813 04-28-2021, 01:17 PM
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post 1637294263 04-28-2021, 01:21 PM
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Funny how plebs call it a "loophole." It's the taxlaw.
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post 1637295183 04-28-2021, 01:32 PM
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I dont mind this as it can address issues with investors taking up and further decreasing the housing supply...however, I think there should be exceptions made for individuals who may have had a house long term and selling it after 20-30 years.
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post 1637295473 04-28-2021, 01:35 PM
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Originally Posted By RICHSTRONG⏩
So if i sell my property for bout 350k will i get taxed or not? I don't have the time for all this code/law schit brah
350k in gains? you will pay....current exception is up to 250k and lived in the house 2 of the past 5 years

The OPs plan is referring to a trasfer exemption...which lettuce be honest, is primarily used by the upper class.

This wont really affect most people who buy and sell homes the way most people do.
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post 1637295723 04-28-2021, 01:38 PM
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Originally Posted By eatmycrackers⏩
Funny how plebs call it a "loophole." It's the taxlaw.
lol
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post 1637296523 04-28-2021, 01:47 PM
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post 1637296683 04-28-2021, 01:49 PM
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Lmao when developers stop building new housing and people are still trapped in their 1920-1950 chithole or 500 sf shoebox while costs skyrocket due to no supply

But let’s keep shooting ourselves in The foot with policies that placate monkeys and Hope they will continue to vote for us
post 1637298203 04-28-2021, 02:03 PM
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Originally Posted By Masterchieffer⏩
Lmao when developers stop building new housing and people are still trapped in their 1920-1950 chithole or 500 sf shoebox while costs skyrocket due to no supply

But let’s keep shooting ourselves in The foot with policies that placate monkeys and Hope they will continue to vote for us
Why would they stop building? If anything, this move will push larger RE firms to start looking at SFH where the price range is below 500k. This may actually increase demand for housing which will drive up pricing but also create more jobs.
post 1637298433 04-28-2021, 02:05 PM
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The naysayers with their strawman arguments disappeared..
Originally Posted By knightofday⏩
This thread highlights how blissfully ignorant most are. All those saying "this wont effect any of us" are soo naive, soo damn naive.

ALL of these moves effect us normal people in a downstream way. We are soo fuked
Agreed. Not sure why they don't see that it trickles down to us also.
Originally Posted By RICHSTRONG⏩
So if i sell my property for bout 350k will i get taxed or not? I don't have the time for all this code/law schit brah
This proposal doesn't apply to your situation.
Originally Posted By tk217⏩
This mostly impacts farmers who sell millions of dollars in land their family bought for 1 dollar.
But their family still bought it and were wise enough to buy it for $1.

Why should they be stripped of the right to be able to roll over that money to a different property?
post 1637298863 04-28-2021, 02:10 PM
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Originally Posted By lntense⏩
The naysayers with their strawman arguments disappeared..




Agreed. Not sure why they don't see that it trickles down to us also.





This proposal doesn't apply to your situation.



But their family still bought it and were wise enough to buy it for $1.

Why should they be stripped of the right to be able to roll over that money to a different property?
A 1031 exchange isn’t a right. It’s part of the tax code that’s ever changing.
post 1637299243 04-28-2021, 02:14 PM
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I haven't read the whole thread but I don't agree with Biden's new taxes. He's only trying to destroy the middle class. I also don't agree with the 40% tax on people making over 1M a year. Basically, what the government is doing is penalizing people for trying to get ahead, and to keep people sucking on the gov teet. I've felt this way for some time now. I'm actively seeking a job that pays less because I keep getting butt rammed by the IRS and they constantly reward those that are lazy. I don't understand why there can't just be a 10% flat tax with no loopholes.
post 1637299683 04-28-2021, 02:18 PM
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Originally Posted By IH8RICE⏩
A 1031 exchange isn’t a right. It’s part of the tax code that’s ever changing.
Correction, it's not a right.
post 1637302043 04-28-2021, 02:43 PM
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Originally Posted By lntense⏩
If you had millions or billions in commercial properties and could sell them now and not pay the tax rather than have a good chunk of your gains taken from you that you put the risk in to invest and earn. Why wouldn't you sell now, collect your gains and shift your money into something else and not pay the tax? and with the addition of the possible capital gains tax in the stock market(47% and up to 60 something % in some states I believe) I don't see them putting the majority of their money there.

Those wealthy are wealthy for a reason, they will always find a loophole or move their money in the changing market. It really hurts the middle class and those trying to grow their wealth.
Originally Posted By Globally⏩
You aren’t understanding the purpose of the law.

If you own a commercial property that has appreciated from a value of 1mm to 3mm, and you want to sell this property and buy another one of equal value, you cannot do that because you are taxed on the 2mm. So business commerce is disincentivized. The 1031 exchange gives you a short time window to sell a piece of commercial property and buy another one for like-kind usage without paying taxes on the gains.

It’s not about “500k per tax year” whatever that means because this has nothing to do with tax years.

It is not a loophole it is a specific intent tax rule.
in your opinions how would it effect say, median income people in general?
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post 1637304453 04-28-2021, 03:13 PM
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Originally Posted By criminal_manne⏩
That’s not how it works in practice with the basis step up at death. I deal with 1031’s all day cuz
What am I missing, every wealthy professional I know that is my parents age has used the like kind exchange to start with a small rental property moving up to commercial properties.

In a place like Southern California or New York, 500k profit from one sale to another is not impossible for an upper middle class professional.


I was planning on using this exact tax insensitive to start building myself a real estate portfolio
post 1637305243 04-28-2021, 03:22 PM
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Originally Posted By Bigbuster1⏩
What am I missing, every wealthy professional I know that is my parents age has used the like kind exchange to start with a small rental property moving up to commercial properties.

In a place like Southern California or New York, 500k profit from one sale to another is not impossible for an upper middle class professional.


I was planning on using this exact tax insensitive to start building myself a real estate portfolio
This isn’t stopping you from doing that. This may not even be in the tax code by the time you’re wealthy enough to be penalized.
post 1637305813 04-28-2021, 03:27 PM
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Originally Posted By nothingshocking⏩
This isn't a new concept. Untaxed gainz on property were capped at 250k when i learned tax in college... 1994 or so.

I didn't realize the cap went away???

500k untaxed gain seems reasonable. Anything more should be considered income.
Strong this.

In b4 "free market" capitalists disagree.

Abolish the Fed. Abolish the tax.

Until then, if the government is going to manipulate the markets with with free unlimited loans, they need to control the greed.
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post 1637305993 04-28-2021, 03:28 PM
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Originally Posted By WellHungOver⏩
I haven't read the whole thread but I don't agree with Biden's new taxes.He's only trying to destroy the middle class. I also don't agree with the 40% tax on people making over 1M a year. Basically, what the government is doing is penalizing people for trying to get ahead, and to keep people sucking on the gov teet. I've felt this way for some time now.I'm actively seeking a job that pays less because I keep getting butt rammed by the IRS and they constantly reward those that are lazy. I don't understand why there can't just be a 10% flat tax with no loopholes.
- you should start by reading the entire thread. Reading the entire link posted would help as well.

- financially speaking, everything Biden has done so far has helped those that are in the middle class and below.

-you do realize that the 39.6% is only taxed on income beyond 1M right? In what reality can’t someone making 1M+ a year get ahead in the US?

-you’re actively seeking to lose wealth because of tax codes that won’t affect you or 95% of ALL Americans?
post 1637306003 04-28-2021, 03:28 PM
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Originally Posted By nothingshocking⏩
This isn't a new concept. Untaxed gainz on property were capped at 250k when i learned tax in college... 1994 or so.

I didn't realize the cap went away???

500k untaxed gain seems reasonable. Anything more should be considered income.
Yeah I don't see a problem with this either
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post 1637306163 04-28-2021, 03:29 PM
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Originally Posted By Fozzy13⏩
I dont mind this as it can address issues with investors taking up and further decreasing the housing supply...however, I think there should be exceptions made for individuals who may have had a house long term and selling it after 20-30 years.
It will not affect that person in most cases.

It's like rolling over an IRA/401k. Investors will take the profits and roll them into another investment so they do not have to pay taxes on the profit because it hasn't been realized.

Very few people who sell a home roll it over into another investment like that.
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post 1637306693 04-28-2021, 03:35 PM
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Cap gains taxes are bs through and through
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post 1637311353 04-28-2021, 04:45 PM
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Originally Posted By IH8RICE⏩
- you should start by reading the entire thread. Reading the entire link posted would help as well.

- financially speaking, everything Biden has done so far has helped those that are in the middle class and below.

-you do realize that the 39.6% is only taxed on income beyond 1M right? In what reality can’t someone making 1M+ a year get ahead in the US?

-you’re actively seeking to lose wealth because of tax codes that won’t affect you or 95% of ALL Americans?
My rant probably doesn't make a lot of sense and I should probably look through the whole thread. My biggest issue is that my wife and I now make about $60k more than we did two years ago. The child tax credit completely went away, taxes went through the roof, and we get zero benefits from all of this stimulus BS. I just wonder if it's even worth it. Also, when I say I am looking for a lesser paying position I also mean less responsibility, so only half to do with taxes.
post 1637313093 04-28-2021, 05:09 PM
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Originally Posted By Anachron⏩
According to OP, this is going to kill the real estate market.

Except...

Canada does not have the equivalent of a 1031 - and we all know the Canadian real estate market hit the rock bottom already.

And if a person owns "billions of dollars of real estate" as someone put it in this thread earlier - I better hope the person is smart enough to not directly own all those properties personally.
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post 1637313643 04-28-2021, 05:18 PM
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Originally Posted By criminal_manne⏩
I’m indifferent to it for sure.

Why should real estate specifically get special treatment ? Fuk the feds but why does the RE industry get special rules.

Can a retailer not recognize gain if they keep buying inventory ? Lol.
indifferent? Sounds like you’re on big governments side with increased taxes

Bet you don’t even know how a 1031 exchange works
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post 1637314203 04-28-2021, 05:25 PM
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Originally Posted By 5x10⏩
indifferent? Sounds like you’re on big governments side with increased taxes

Bet you don’t even know how a 1031 exchange works
Ask me any question I’m a CPA and specialize in commercial and residential real estate lol.

You sell a property and have to reinvest the proceeds into a new property. What else you want to know? I do Real life ones all the time.

The old basis of the property rolls over into the new property and you have a deferred gain.

Debt relief and cash taken out of the deal is boot. You can do reverse exchanges, suit to build exchanges, two for one exchanges etc.

I know literally everything there is to know about like kind exchanges.

Why I don’t care: people roll over the Properties over and over again and end up never paying tax. Their heirs get a step up in basis when they die.

I have clients that will never sell certain properties cause they’ve been rolling that chit over since the 80’s.
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post 1637314363 04-28-2021, 05:27 PM
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Originally Posted By criminal_manne⏩
Ask me any question I’m a CPA and specialize in real estate lol.

You sell a property and have to reinvest the proceeds into a new property. What else you want to know? I do Real life ones all the time.

The old basis of the property rolls over into the new property and you have a deferred gain.

Debt relief and cash taken out of the deal is boot. You can do reverse exchanges, suit to build exchanges, two for one exchanges etc.

I know literally everything there is to know about like kind exchanges.
so why are you for the government taking taxes now vs deferring them?
Do you understand how a large capital gains tax could eliminate the purchase of a larger property?
Don’t understand how pulling that $ out of the RE market hinders that market?
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post 1637314603 04-28-2021, 05:30 PM
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Originally Posted By 5x10⏩
so why are you for the government taking taxes now vs deferring them?
Do you understand how a large capital gains tax could eliminate the purchase of a larger property?
Because it’s special treatment for one industry. I’m not for it getting rid of it. Just don’t think it’s a big deal either if they were done away with or limited.

So if I buy a property for a million dollars and sell it for two million dollars two years later.

Without a 1031 exchange I can still buy a 1.8 million dollar property instead of a 2 million dollar one, that’s not gonna kill the industry.
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post 1637314673 04-28-2021, 05:31 PM
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Originally Posted By criminal_manne⏩
Because it’s special treatment for one industry. I’m not for it. Just don’t think it’s a big deal either if they were done away with or limited.

So if I buy a property for a million dollars and sell it for two million dollars two years later.

Without a 1031 exchange I have to buy a 1.8 million dollar property instead of a 2 million dollar one, that’s not gonna kill the industry.
got it, your not indifferent, your pro more government taxes
Guess it’s good for your business

And hinder, not kill
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post 1637314793 04-28-2021, 05:33 PM
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Originally Posted By 5x10⏩
got it, your not indifferent, your pro more government taxes
Guess it’s good for your business
It would hurt our business cause we get paid more to do the calculations and make sure they do it right (Qualified intermediary etc.), timing (180 days to identify replacement properties ) etc.

We get paid to help people avoid taxes, this would be one less tool we have to help people.

I voted for Trump twice just stating facts.
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post 1637314943 04-28-2021, 05:35 PM
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Originally Posted By criminal_manne⏩
It would hurt our business cause we get paid more to do the calculations and make sure they do it right (Qualified intermediary etc.), timing (180 days to identify replacement properties ) etc.

I voted for Trump twice just stating facts.
lmao, pro government regulations that hurt your business
Can’t make it up
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