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A Quick Sale!
"We found Judy Lundquist after much research and discussions with family friends who were knowledgeable about real estate. Nearly 25% of the homes on our street were for sale, therefore we doubted that our house would sell very quickly. With Judy's professionalism and hard work she did not disappoint us. Our home sold in about 2 weeks. From the day We called her to the day we closed on the sale, Judy kept us informed and quickly updated us on any new changes. We would highly recommend Ms Lundquist for your next real estate transaction and we will definitely use her services if we sell our home again."
Neelam and Gaynel
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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 |
Who is the world's largest landowner?
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| A |
The United States government, with holdings of 728.8 million acres of land.
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- NUMBER1EXPERT™ 
