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Welcome to FineHomesGreenwich.com, the Web Site of Award-winning Realtor Barbara Wells |
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When you're ready to buy or sell a home in Greenwich, Connecticut, you need an executive level partner to guide you through your real estate transactions. As a long time resident of Greenwich with over 23 years experience in this unique market, and well over a billion dollars in sales, I can offer you an unparalleled level of expertise, outstanding service and complete discretion. No web site can take the place of the right real estate relationship, but if you're just beginning to think about your next move, you'll find superb tools on my site to get you going. Search my Featured Properties, as well as all available properties for sale in Greenwich, sign up to receive the latest listings, or simply familiarize yourself with the many advantages of living your life in Greenwich, including the sections of Old Greenwich, Riverside, Cos Cob, North Mianus, Glenville, Pemberwick and Byram. Then, when you're ready to make your move, give me a call (203.912.5644) and let me show you the difference the right real estate relationship can make for all of your real estate needs. The Right Real Estate Relationship for the Right House at the Right Price. Sincerely,
Barbara Wells
Direct Line ~ (203) 637-6226
Cell Phone ~ (203) 912-5644
Email ~ BarbaraWellsRealtor@yahoo.com
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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 considered the oldest surviving non-native building in the U.S.?
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The governor's palace in Sante Fe, New Mexico, built in 1609, was constructed with materials and methods adapted from the native Indians.
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 See More Real Estate Trivia > |
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