During his campaign, President-elect Trump was criticized for the non-release of income tax returns. The information available is limited to his own statements and the release of three pages from his 1995 returns of income from New York and New Jersey. These pages reveal what amounts to a $900M loss. Unfortunately, these documents are driving misstatements and generating misleading information related to Section 1031 Like-Kind Exchanges – one of the real estate industry’s most popular tax strategies
Misstatements and Misleading Information about 1031 Like-Kind Exchanges
Several articles framed like-kind exchanges in a negative light, including:
Washington Post: “How Donald Trump and other real-estate developers pay almost nothing in taxes,” by Max Ehrenfreund, October 4, 2016
Tax Policy Center: “Does Donald Trump pay taxes, ever?” By Steven M. Rosenthal, October 3, 2016