WASHINGTON, D.C. – August 18, 2014 – (RealEstateRama) — In his Fiscal Year 2015 Budget Request, President Barack Obama proposes limiting the capital gains from the exchange of real estate that can be deferred under Section 1031 to $1 million per taxpayer per year. This provision would apply to like-kind exchanges completed after December 31, 2014. Under this proposal, the Treasury Department would be granted the regulatory authority necessary to implement the provision. The proposal would need to be included in legislation passed by Congress in order to be implemented
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