I was talking with a friend today and we aren’t sure why the Biden Administration is putting forth proposals to raise taxes as we head into an election, but apparently that is what they are doing. In some ways the changes are quite significant and when it comes to real estate investors and commercial property owners, if these become law, the impact will be material.
The Money Cruncher, CPA has been publishing some excellent information on Twitter. Below is a link to his thread that is must reading for real estate investors, brokers and owners to be aware of what might be coming down the pike.
EY published a detailed analysis on Biden’s proposed tax reform. Kiplinger and Forbes have also published analysis of the proposed tax changes.
Given that the Republicans currently hold the House of Representatives, it seems unlikely that this will get passed. But that said, if the Democrats win the White House, keep the Senate and win the House, this could get enacted early in 2025.