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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.
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What five basic components of a "smart home" can be controlled by technology?
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Lighting and window treatments, security and access control, data communication, environmental/energy management, and audio/video entertainment can all be operated by a "smart home". |
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Peter Tobia and Carol Taylor
Thorpe - Sotheby's International Real Estate
675 Beachland Boulevard
Vero Beach, FL 32963
732-735-5114: 908-331-0669
petertobia@NUMBER1EXPERT.com
We specialize in Oceanfront, Indian Riverfront,
Vero Beach Barrier Island, local waterfront
communities and finer neighborhoods along Vero
Beach and the Treasure Coast.
Proudly serving Vero Beach, John's Island,
Orchid Island Golf and Beach Club, Indian River
Shores, Windsor, Sea Oaks, The Moorings, The Indian River Club, Grand Harbor, Wabasso,
Sebastian and the Melbourne
Beaches.
Carol is a licensed REALTOR, has a Graduate
Realtor Institute designation and over 29 years
of Real Estate sales experience, as well as
dozens of sales awards for outstanding
achievements.
Peter is a licensed REALTOR and a licensed
Professional Engineer, with extensive
residential building and development experience
and knowledge.
Find out why Money Magazine has named the Vero
Beach, Indian River County region as "One of
the best places to live in the nation" several
years in a row. Come join us for "Another Day
in Paradise" at Vero Beach!
We are the Vero Beach, Melbourne and Treasure
Coast NUMBER 1 Real Estate EXPERTS.
Call or e-mail us today!   
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