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Coming Soon
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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| Q |
What group of settlers introduced the log cabin to the New World?
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| A |
The Swedish settlers of Delaware brought their own timber for building log cabins, a style that originated in Finland. |
 See More Real Estate Trivia > |
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The Sly Team
The Pinnacle Division
3340 Peachtree Road, NE
Suite 1800
Atlanta, GA 30326
Tel: 404-812-5390
Fax: 404-963-0393
Cell: 404-441-9699
Email: majasly@NUMBER1EXPERT.com
Maja Sly began working in real estate while in college over 12 years ago as a property manager. With a degree in Finance she has always been fascinated with the "numbers" aspect of everything. After several successful entrepreneurial ventures, she decided to change gears and began working with RE/MAX in 2001, to fill a void for what she thought was a lack of understanding by most agents regarding the mortgage aspect of purchasing a home. Quickly rising to become one the most prosperous and leading realtors in the Atlanta area. She has been awarded the RE/MAX Platinum and Chairman Club honors, and in 2005, she made it into the prestigious RE/MAX Hall of Fame. With her extensive background in mortgages and Finance, Maja formed The Sly Team which includes a Builder Services Department, Relocation Specialist, Residential, Luxury Homes, Town homes, Condos, and Investment Property. Maja has since started the Pinnacle Division which encompases the many facets of this ever-changing real estate market.   
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