After years of not updating our blog, here I am. We’ve been riding the 2018 tax law change for three (3) tax years as of April 1, 2022. It’s become apparent that the tax code has negatively impacted Americans by removing of meaningful tax deductions, as in “once upon a time.”
One of these changes is the 1031 rule which stands for “26 U.S. Code § 1031”, has been altered to negatively impact tax paying citizens. The rule used to include business property, however, it now only pertains to REAL PROPERTY. Real property is “land” or “land with buildings”. That’s it.
To see more about the law change, click the title of the article.
