Inland: Don’t Lower Your Guard On 1031s
OAK BROOK, IL—it’s no secret the Cosenzas—Mark Cosenza and father Joe Cosenza—of Inland Real Estate are on the forefront of the 1031 like-kind exchange battle. In fact, in an exclusive video from the 2016 RECon, the senior Cosenza spoke out on his concern for what the ripple effect of an abolishment of the 1031 would have. But now it’s a new day, and a real estate guy is in the White House.
Not so fast, says the younger Cosenza. We don’t know what we don’t know.
“I don’t think there’s an absolute clear stop to 1031 being in play simply because Mr. Trump has been elected president,” says the SVP of Inland Acquisitions, “because he has talked about a whole revamp of the tax code. We can only hope that his real estate background will bode well for keeping the 1031 code in place as a job creator.”
Just for the record, “The tax code allows the continued reinvestment of your dollars into the progression of real estate development and, more important, the redevelopment of assets in parts of the country that need it,” he says. A repeal would impact not only the people involved in the immediate deal, but echoing the cautionary tone of the video, it would also impact the entire chain of redevelopment and improvement, from the appraiser and the banker to the roofer and the interiors provider.
