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Current Selection: All Prices All Types All Locations New Selection Sorted By: Default New Sort
<Back to Page Previous Next Property 8 of 26 Selections
    Feature Home - 514 E. Church St. $83,000 
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Address:   514 E. Church St.    City/ST:   Adrian, MI   Zip Code:   49221  
Location:   Adrian   Property Type:   Multi Family Home   New or Resale:   Resale   
Square Footage:   2130   Bedrooms:   5   Bathrooms:   2  
MLS#   3427205  

Live in one unit rent the other to help pay for mortage! You can practically live for free. Check out the options on the first time buyer incentive for a unit like this and make it happen! 1-3 bedroom and 1-2 bedroom unit with appliances.

Last Updated: 8/24/2009 3:45:56 PM

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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 
From 1974 to 1996, what was the world's tallest habitable building?

A 
The Sears Towers, headquarters for Sears, Roebuck & Co., with 110 stories and 1,454 feet high.
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Jeanee Gilson, REALTOR®, real estate agent and broker for Bedford, Blissfield and Irish Hills, Michigan home listings, property and land for sale - NUMBER1EXPERT

Jeanee Gilson
Key Real Estate

146 Drew Avenue
Deerfield, MI 49238
517-447-3094
Fax: 517-447-3548
jeaneegilson@NUMBER1EXPERT.com

More than a home... It's a lifestyle...


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