"Dee Dee was great to work with in every way!
Dee Dee was great to work with in every way! She was high energy, upbeat, hardworking, dedicated and made it seem as though our sale was the most important thing she was working on. We have already recommended her. I think Dee Dee did an outstanding job and really doesn't need improvement feedback from our experience with her!"
Amy & Nick B. give Dee Dee Jacobs a 10!
You have a story to tell about us. You've worked with us, and we've helped you buy or sell a home. We need your feedback. Others need your feedback, too! Please take a moment to fill out this form and tell us how we did... 
Tax Considerations >New 1031 Exchange Rules
One of the most popular "tax deferring" strategies for real estate owners who are selling one property and acquiring another is the use of Section 1031 of the Internal Revenue Code. It is an effective way to defer paying income tax on capital gain generated by the sale of a property when you intend to reinvest the proceeds in a similar, "like-kind" property. Almost any kind of real property is considered "like-kind" with any other real property.
A recently enacted law closes what was considered a loophole in the Section 1031 rules. In some cases, owners of investment real estate have used the 1031 Exchange to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they made the property into their principal residence, lived in it for a couple of years, then sold it. Now the American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be held and used as a principal residence for at least five years to qualify for the tax exemption. Otherwise, the basic tax-deferring benefits of 1031 exchanges remain the same.
Consult your tax advisor for more detailed information.
|
NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT™ 
