The following appeared in Apollo magazine online on December 4, 2017
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Topics: Legislation, 1031 Exchange, Apollo Magazine, Tax Cuts and Jobs Act
There has been considerable coverage in the last week about so-called “like-kind” exchanges of art, and federal tax. This has been driven by two factors: President Obama’s 2016 proposed budget, which would eliminate the tax deferral on these “1031 exchanges” for art and collectibles, and a recent New York Times article entitled “Tax Break Used by Investors in Flipping Art Faces Scrutiny.” The prospect of actual change is dubious, but there is no question that the prospect of the elimination of this tax deferral means anyone who is considering such an exchange for their art and collectible collection should be paying attention.
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Topics: 1031 Exchange, Jay Darby, Tax and Sports Update, Ernst & Young, New York Times, Like-Kind Exchange, Tax
