LUXURY HOMES & ESTATES

 

 

By Thomas Mayer

Tel: 201-637-7484     Fax: 866-590-5572

 

Enjoy the summer 2013 season in one of our beautiful luxury homes!  New luxury homes in Wayne, NJ available!  Also, only ONE brand new condo in Maplewood NJ remains for sale so please call Tom TODAY!

 

 

Back

 

New Condos!

See Springfield Commons, the newest condo in Maplewood, NJ!

Click image for details

 

New Model Home Is Now Open For Viewing!

 

 

New home sold in Glen Rock, NJ!

New luxury home on way in Glen Rock, NJ!

Click image for details

 

 

 

Another home sold in Glen Rock, NJ!

Another new luxury home sold in Glen Rock, NJ!

Click image for details

 

Get the latest news!

 

 

JustLuxe.com

 

 RealEstateLinkExchange.com

 

 REALS - A Comprehensive Real Estate Directory

 

LinkRE.com - Real Estate Resources and Directory

 

 RealEstate4.com - Real Estate Directory for Buying, Selling or Rental a Home.

 

 

 

 

 
 

 

 

 

 

 
 

 

 
 

The New 1031 Exchange Rules


One of the most popular "tax deferring" strategies for home 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 plan to reinvest the proceeds in a similar, like-kind asset. Almost any kind of real property is considered "like-kind" with any other real property.

A recently enacted law closes a loophole in the Section 1031 rules, although technically this is not a loophole but rather an unintended consequence of prior tax legislation. In some cases, owners of investment real estate have used the 1031 Exchange rule to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they turned the property into their principal residence, lived in it for a couple of years, and then sold it. Since then, the new American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be owned 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 continue the same as before.

Please consult your tax advisor for more detailed information.  Also, you can ask Tom for referral to an independent tax advisor as well.

 
 

 

 
 

Back To List Of Articles

 

 

 

Thomas Mayer - Dedicated to helping you find your dream home

"It is my mission to be an expert source for your home buying or selling needs, and I will guide you through the entire process so that you get the most from your investment!"

Thomas Kay Mayer

 

 

 

 
   

 

 

See my listing on realtor.com, the nation's premier real estate directory with MLS!

 

 

 

See my New Jersey home listings on coldwellbanker.com!

 
   

Tri-County Chamber of Commerce Member

 
   
   
   

 
Site design by:  Core Logic Consulting LLC

Updated on: 08/07/2013