The Double Comma Club

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Biden Harris Proposed Tax Laws Effect on Consumers from Tracey Wilson

Biden Harris Proposed Tax Laws Effect on Consumers

The table below is taken from Tracey Wilson's presentation at the Agent Ignite session. These are derived from his research. If you have questions, please visit his website. This is the BIG RED button he talks about in this presentation.

Here is the PowerPoint from this presentation.

Here are a few points covered:

1)American Rescue Plan: $1.9 trillion for COVID Stimulus Package

  • Passed even though $800 billion of the previously passed $2.2 trillion CARES Act (passed 3/20/20) had not been spent yet

2)American Jobs Plan: $2.3 trillion for infrastructure

  • Raise the corporate tax rate to 28%
  • Increase the global minimum tax paid to 15%
  • Impose a corporate minimum tax on book income
  • Eliminate tax benefits for the oil and gas fossil fuels sector
  • Increase corporate tax enforcement

3)American Family Plan: $1.8 trillion for universal pre-K, free community college, SLD $50K forgiveness, paid family leave

  • Raise individual income taxes
  • Raise cap gains tax rate
  • Increase estate tax
  • Limit step-up in basis

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1031 Reverse Exchanges and What You Need To Know

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In this episode, Tracey Wilson of IPX1031.com compares the 1031 Exchange from the previous episode and explains the 1031 Reverse Exchange. In the previous episode Tracey Wilson went into details about the 1031 Exchange laws, how they work, details you need to know, including the six rules.

Here is the nutshell of this 8-minute episode. You'll want to listen or call Tracey to get a more comprehensive explanation:

In a Forward Exchange, you would sell the old property. You have 45 days to identify the new, buy new, then 180 days to complete the purchase of the new property.

In a Reverse Exchange, there are two types:
1. replacement property parked first
2. relinquished property parked first.

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What you need to know about 1031 exchanges

What you need to know about 1031 Exchanges

 

Nicole welcomes Tracey Wilson of Investment Property Exchange Services. You can find him at ipx1031.com. Ipx1031 has provided its clients with superior qualified intermediary services for three decades. And each year they assist thousands of clients and their tax and legal advisors by providing proven exchange solutions that best achieve the client's goals of enhancing their business portfolios and preserving equity. But he'll tell you more about that at the beginning of this episode. This is a two-part episode. There is so much to learn. This first one covers the basics you need to know as an agent and as an investor, about a 1031 exchange to avoid capital gains taxes. He will give you guidance, no matter how creative you think you are, he will have solutions and some recommendations to keep you out of hot water with the IRS. Listen to this episode now.

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