Page 7 - Chris Paszyc News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Recently, on Forest Avenue in Portland, a 12,658-square-foot former Rite Aid sold for $1.5 million.
Three years ago, a $20 million deal that spanned California to Maine, involving four properties, worked its magic for several investors.
Both commercial real estate deals, like many investment property transactions across Maine and the country, were made possible with a 1031, or “like-kind,” real estate exchange. The tax benefit, named after its IRS section code, allows an investor to put off capital gains tax from a sale by investing the money into a similar property.
The tax deferment has made the commercial real estate market hum for decades. That may all change, though with President Joe Biden’s tax plan, which proposes that 1031s be eliminated for investors with incomes higher than $400,000. ....

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