President’s 2017 budget limits more 1031 exchanges

The President’s 2017 budget proposes the capital gain deferred on 1031 exchanges of all property be limited to one million dollars, per taxpayer, per year, effective at the end of 2016. This change is a dramatic limitation of 1031 exchanges on all business assets.  Last years budget proposal limited only real property.

Art and collectibles are again proposed to be eliminated from 1031 like-kind treatment.

The budget explanation: