With the prospect of 1031 tax exchanges becoming extinct as written about in yesterday’s Wall Street Journal story by Peter Grant, Daniel Altman, Esq., partner in leading real estate law firm Belkin Burden Wenig & Goldman, is against the proposition:

“The elimination of 1031 tax deferred exchanges in real estate related transactions would be a big blow to the real estate industry as a whole. 1031 exchanges impact many different facets of the real estate world, including accountants, lawyers, real estate brokers, appraisers, mortgage brokers and lenders who provide advice, resources and dollars to close 1031 transactions. Eliminating the 1031 exchange option across the country would directly affect the sheer number of deals worked on by many of these professionals, trickling down to their employees working on 1031 transactions. Eliminating this tax deferred option would impact an entire industry of real estate related professionals who have relied upon 1031 exchanges as a source of income since its inception.”

Mr. Altman is available to expand on his opinion, for future stories about 1031 exchanges.

About Belkin Burden Wenig & Goldman LLP

BBWG, established in 1989, is a full-service real estate law firm with offices in New York and Connecticut. The firm has more than 50 seasoned lawyers counseling business professionals, investors, landlords, residential homeowners and commercial property owners throughout the region in complex transactional and regulatory real estate law matters. www.bbwg.com