News
Inland President: The End Of 1031s Would Mean 'Devastation To Everyone'
April 18, 2016
G. Joseph Cosenza, president of Inland Real Estate, said at the RealShare Net Lease conference that the end of the tax-saving 1031 exchange would be akin to spending eternity in hell.
“This is the biggest problem facing everyone in this room,” Cosenza said of the potential tax reform, according to GlobeSt. “It’s a devastation to everyone in the real estate business.”
The Obama administration’s proposed 2016 budget seeks to limit the popular 1031 exchanges to $1M annually—a serious slowdown for many real estate investors.
Cosenza highlighted the wide-reaching impact of potential reforms, adding “this affects the small guys, REITs, trucking companies and businesses that want to expand and buy a building.” [GS]
