How Proposed Changes to Capital Gains Taxes Would Affect You
President Biden recently proposed some changes to capital gains taxes, which would effectively double what people would have to pay when they sell an investment property. In particular, the changes would affect the way 1031 exchanges are taxed. Though it’s meant to ensure multimillionaires pay their fair share of taxes, around 82% of people who do 1031 exchanges are small business owners. It means that a lot of people, regardless of income level, would be negatively impacted. To learn more about what these changes could mean for you, watch this video.
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