The President's 2023 budget currently includes some proposed tax changes to the 1031 exchange benefit.The proposed changes, if passed, could limit 1031 exchanges to an annual maximum deferral of $500,000 per person.This means that if you sold a rental property for a $800,000 taxable gain, a 1031 exchange may only help you defer up to $500,000 of that gain and the remaining $300,000 could be taxable in the current year.
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