EP09: Biden Tax Plan with Taunee English

President Biden's plan for inherited real estate will impact more families than we think. Realtor Taunee English sounded the alarm that the unintended consequences of the administration's proposals would significantly affect the hardworking middle class.  

Key points covered in this episode: 

✔️The proposed tax law changes only apply to those individuals whose income is above $1million, which only affects .03 percent of the US population. But buried in those tax law changes are pressing details most of us need to be aware of. It's the potential change in the step-up in basis on your primary residence, both when you're alive and when you are trying to pass it on to the next generation.

✔️ The 1031 Exchanges have been a vital tool for mom and pop housing providers to support liquidity and encourage investments.  Real estate investors maximize the use of the 1031 exchange to save on capital gains taxes from the sale of a property. This tax strategy leaves more to pass on to the children and heirs. What happens can be quite the contrary should the Biden tax proposals roll out.

✔️Reach out, talk to your congresspeople and let them know that you're not in favor of these particular real estate tax changes and the implications that they will have on you and your family. 

✔️ As the government is bent on raising taxes, you've got to pay attention to managing your finances wisely and paying taxes strategically. Master your money and go from feeling a little bit of self-doubt to feeling safe, secure, and ultimately in control of your financial destiny. I invite you to come and apply for a financial breakthrough session with me. 

Taunee English has been a Realtor whose niche is probate and estate sales for over 15 years and a Broker for 6 years. She was named 2019 Realtor of the Year for Greater Los Angeles of Realtors Association.

Website: https://asktaunee.com/

FB: https://www.facebook.com/AskTaunee

IG:https://www.instagram.com/asktaunee/

LinkedIn: https://www.linkedin.com/in/asktaunee/

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Felicia Gopaul, CFP, is the Premier Women's Wealth Builder 

dedicated to your financial success!

Ms. Gopaul is a Money Confidence Catalyst and author of an Amazon best-selling books "Preparing for the Five Ds: Divorce, Disability, Downsizing, Disasters, and Death" and "Local Business Mavericks - Volume 20: Insights & Innovation From Top Local Business Owners, Professionals & Community Leaders."

 She is also a speaker and Certified Financial Planner Ambassador (only one of 50 people in the United States). She teaches accomplished, successful and educated women to heal their money mistakes, rebuild their wealth, and ultimately reclaim their power. 

Her business, Financial Control Mastery, teaches women to honor themselves through their money and actions. Know more and visit www.FinancialControlMastery.com