According to a May 2021 study by Ernst & Young
President Biden’s proposal would not only severely limit the property values that investors can use in an exchange, but also adversely impact the overall economy. While this proposal is intended to generate $1.95 billion in revenue for the government through taxing the sale of real estate, many people don’t realize that taxes paid and related to businesses using like-kind exchanges were already projected to produce $7.8 billion for the IRS last year, according to a study by Ernst & Young
My Boston Real Estate Thoughts
To be fair, there is no indication that this section in the proposed budget will pass and become law anytime soon.
source: Real Estate Taxes