Staunton and Waynesboro Virginia real estate listings, home buying, selling and relocation information

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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 the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
A	One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million.
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Willie Roberts, REALTOR®, real estate agent and broker for Staunton and Waynesboro Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Willie Roberts - Associate Broker
Better Homes and Gardens Real Estate III
17 Parkway Lane
Fisherville, VA 22930
Direct Line: 540-213-4613
Toll Free: 1-800-327-3433
Cell: 540-241-1919
Fax: 540-886-5248
Email: WillieRoberts@NUMBER1EXPERT.com
willierober@yahoo.com
I have had the pleasure of being a full time Real Estate professional as a Realtor and Associate Broker with over 19 years experience with residential and investment properties here in the beautiful Shenandoah Valley. I serve the areas of Waynesboro, Staunton, Stuarts Draft, Fishersville and all of Augusta County. I love this entire area and it is my mission to link you together with your perfect home or property. For those of you who need help selling your home, I have many, many buyers looking - and maybe your house will be perfect for them! I help my clients with my vast knowledge of the local market, advanced real estate education and a genuine desire to make your move as smooth and enjoyable as possible. With over 19 years of success and a member of an aggressive, dynamic sales team, a few of my Real Estate accomplishments include "The Code of Ethics Award", "Million Dollar Producer Award", "Circle of Excellence for Outstanding Production", "The Service Award" and a Graduate of Realtors Institute. Having these accredited accomplishments enables me to have tremendous amounts of energy and dedication to "go the extra mile" providing my clients with only the highest quality of service. I pride myself on the fact that many of my clients end up becoming close friends! I invite you to visit my web site, get to know me, check out our area, then give me a call or drop me an email. I look forward to seeing how we can work together.

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