By Tom Wheelwright 
If you’ve ever owned real estate, you’ve likely heard of the 1031 exchange, also known as a like-kind exchange. Essentially, this allows business owners or investors to sell a property, acquire a new one and not pay tax on the property they sold as long as it is equal to or greater in cost to the property that was sold.
While this opportunity has been available since 1921, past presidents have modified its use over the years. For example, in the 2017 Tax Cuts and Jobs Act, President Trump changed it to only apply to real estate. Prior to that, the exchange had been available on other kinds of property, such as machinery and equipment. In 2021, President Biden looked to limit like-kind exchanges even further.
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