Jim Bottrell News Today

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SAN DIEGO (KUSI) – A tax loophole that began for 1920s America is at risk of being eliminated in President Joe Biden’s new $1.9 trillion economic plan, in which he plans to fund new social programs. The tax break for myriad real estate owners has allowed them to put off paying capital gains on property sales. Specifically, the Biden proposal would remove 1031 exchanges (named after the U.S. tax code section) on real estate profits worth more than $500,000. Jim Bottrell, Owner at Jim Bottrel...

SAN DIEGO (KUSI) – A tax loophole that began for 1920s America is at risk of being eliminated in President Joe Biden’s new $1.9 trillion economic plan, in which he plans to fund new social programs. The tax break for real estate owners has allowed them to defer paying capital gains on property sales, and instead use the profits to but more properties. Real Estate Agent Jim Bottrell explained the 1031 Exchange applies to all investors, and would be really detrimental to the economy if Biden ...

SAN DIEGO (KUSI) – President Biden’s new economic plan would eliminate a tax break for many real estate owners that has allowed them to defer paying capital gains on property sales. Closing that tax loophole is one of the ways he is planning to pay for his $1.9 trillion spending package to create new social programs. Jim Bottrell, Owner at Jim Bottrell Real Estate Team, joined KUSI’s Ginger Jeffries on Good Evening San Diego to discuss what the tax loophole could do to those who already o...