GOOD NEWS! HOUSE WAYS AND MEANS COMMITTEE MARK-UP RELEASED

[Bill Exeter]

GOOD NEWS! HOUSE WAYS AND MEANS COMMITTEE MARK-UP has been released. At this point, here is what we know: 

• 1031 Exchanges were NOT included in the mark-up, so no changes to 1031 Exchanges.
• The step-up in cost basis was NOT included in the mark-up, so no elimination of the step-up in cost basis.
• Capital gain taxes for the 20% bracket will be increased to 25% (good news for us, because people that used to just pay the tax will now want to do a 1031 Exchange).

There is always a chance the above could change, so stay tuned.