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Question
I heard that 1031 exchange program will be phased out soon. Is it true?
AI accountant’s answer:
As of now, there have been discussions and proposals related to modifying or limiting the 1031 exchange program, which allows for the deferral of capital gains taxes when selling an investment property and reinvesting the proceeds in a similar property. However, there haven't been any official changes eliminating or phasing out the 1031 exchange program. Keep in mind that tax laws are subject to change, and it's crucial to stay updated on any developments that might impact your tax situation.
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