@CoffeeAddict
I objected to Trump’s plan that capped deduction for state taxes at $10K. This was aimed at Blue states. The flyover states have much lower taxes/
My comment quoting my late father has to do with income taxes.
I have made no comment about the Biden plan as I stated I have yet to read the plan and there are no firm details, Furthermore, I will comment after the plan is finalized and available to digest.
That said, there is a good reason for like type property swaps, besides avoiding capital gains taxes on a direct sale. Once a property is fully depreciated for tax purposes (generally 29 years, the loss of the depreciation expense makes the same rents a taxable profit and is a disincentive to keep the building. If one swaps the new owner gets to depreciate it all over again, rents can remain the same and the commercial tenants are not hit with a rent increase if they have a triple net lease to cover the increased income tax without depreciation.
I have clients who have used to swaps for tax advantages, often on small commercial buildings or apartment buildings of less than 12 units. I don’t generally sell real estate, but place it into trusts for future generations of the CTL clan