Clinton, Flemington, and Hunterdon County real estate and homes for sale in New Jersey - Len Conly, REALTOR® Len Conly REALTORS(r) for Clinton, Flemington, and Hunterdon County, New Jersey real estate

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Len Conly, REALTORŪ, real estate agents and broker for Clinton, Flemington, and Hunterdon County New Jersey home listings, property and land for sale - Best Image Agent(s)


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Real Estate Tips
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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Real Estate Trivia
Q 
What is the world's most valuable piece of furniture?

A 
The 18th century Italian Badmiton Cabinet owned by the Duke of Beaufort sold in 1990 at Christie's, London for $15.1 million dollars.
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Len Conly, REALTORŪ, real estate agents and broker for Clinton, Flemington, and Hunterdon County New Jersey home listings, property and land for sale - Best Image Agent(s)

Len Conly
Coldwell Banker

186 Center Street Suite #150
Clinton, NJ. 08809
Office: (908) 735-8080
Cell: (908) 310-9832
Fax: (908) 349-3131
Email: Len@LenConly.net

Every home has something that is extraordinary. Therefore, your Realtor should be, too! As Hunterdon County's NUMBER1EXPERT, Len Conly has been a licensed realtor for over since 1992. Len specializes in all Hunterdon County properties. His proven track record as a knowledgeable, available, and dedicated agent with a strong work ethic will be obvious when you get to know him. Be sure to visit his Web site, e-mail him, or give him a call to find out why he should be your partner in success!

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