Evening Edition: Biden Proposal Impacts Various Sectors Of Real Estate

President Biden’s proposal to increase the capital gains tax is inherently aimed at taxing the wealthy but it does also have a major impact on property sales of the middle-class. Real estate experts fear eliminating the 1031 tax deduction will severely hurt those selling residential properties, including single-family rental homes, apartment buildings and condominium units. FOX’s Trey Yingst speaks with Al Lord, the founder of Lexerd Capital Management, who says he worries the proposed change will damage multiple facets of the real estate industry.