Sitemap: Home Buying in Basking Ridge, Bernardsville and Warren, New Jersey

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Basking Ridge Office:
908.766.2900 ext. 245
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Fax: 908.766.2542
aalden@optonline.net

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For Home Buyers:

Why Buyers Choose Alise Alden - Why homebuyers looking for a real estate agent in the Basking Ridge, Bernardsville and Warren area choose Alise Alden.
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School Reports in Basking Ridge, Bernardsville and Warren, New Jersey

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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 world's oldest wooden structure?
A	The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670.
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Alise Alden, REALTOR®, real estate agent and broker for Basking Ridge, Bernardsville and Warren, New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Alise Alden
Coldwell Banker
39 Olcott Square, Unit C
Bernardsville, NJ 07924
Office: 908-766-2900
Mobile: 908-672-5180
Fax: 908-766-2542
alisealden@NUMBER1EXPERT.com
Alise Alden is commited to exceeding your expectations from start to finish. Her true professionalism, expert negotiating skills and dedication will ensure your move to be a successful one. Alise has designations as an ABR, SRES, and is a Coldwell Banker Previews Property Specialist, Certified Relocation Agent and a member of the Multi-Million Dollar Club.

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