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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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Q	What is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?
A	Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property
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Denny Grimes & Company, REALTOR®, real estate agents and broker for Fort Myers, Cape Coral, Bonita Springs and Lehigh Acres Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

Denny Grimes
Denny Grimes and Company, Inc.
1870 Clayton Court
Fort Myers, Florida 33907
Phone:: 239-689-7600
Toll Free:: 866-466-3822
Fax: 239-689-7601
Email: denny@DennyGrimes.com
Denny earned his BA and MBA degrees from the University of South Florida and has served as a full-time Realtor in Fort Myers and Cape Coral for over 25 years. During that time he has accumulated an impressive track record. Focusing on professionalism and integrity, Denny has earned some very distinctive honors in the real estate community. He is the past Director of the Florida Association of Realtors and the Fort Myers Assocation of Realtors. He is a Certified Residential Specialist (CRS), Certified New Homes Sales Professional (CSP), Accredited Buyers Representative (ABR) and a respected real estate seminar speaker and trainer. He has spent the last 10 years building Denny Grimes & Company the premier real estate team in Lee County. "Finding the right home, in the right area, at the right price depends on finding the right Realtor. Our customers are customers for life, because we focus on letting them know that we: Take their move seriously!" - Denny Grimes

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