Listing Details: Cape Coral, Fort Myers and Naples, Florida Real Estate Listings & Homes For Sale Provided by Mike Lombardo

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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 role of the U.S. Housing Authority?
A	Created in 1937 by FDR, the U.S. Housing Authority provides construction loans to small communities and states.
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Mike Lombardo, REALTOR�, real estate agent and broker for Cape Coral, Fort Myers and Naples, Florida home listings, property and land for sale

Mike Lombardo
C21 Sunbelt
506 SW 47th Terrace
Cape Coral, FL 33914
English: 239-898-3445
Espa�ol: 239-898-3795
Fax: 239-443-2473
Mike@mikelombardoteam.com
I am selling property and I want to sell yours. You may have been told that the real estate news in our area is gloom and doom. �I have heard there is a recession, but I have decided not to participate.� I want you to know that I am selling and I want to help you sell your home. Call me or email me at (239) 898-3445 or Mike@MikeLombardoTeam.com

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