Gross McGinley LLP

ministerial, but everything is relevant to the deal size. This former loss of funds reserved for taxes was causing a loss in potential leverage. The conformity between state and federal tax codes will now be streamlined for tax reporting and save time and money for Pennsylvania investors and real estate partnerships in 2023. The streamlined process, along with the added buying leverage, will increase the pool of replacement properties available for purchase which only helps to further the revitalization of real estate in the state of Pennsylvania. 1031 Exchanges are a critical tool for encouraging investment, building wealth, and creating jobs for the state of Pennsylvania. Like any exception, 1031 Exchanges require an acute attention to detail and provide a procedure that must be strictly followed. As an investor, you need to ensure you are well-informed on this most recent legislation in order to follow the necessary steps to further strengthen your tax planning tools.