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Hello and Welcome!
This Website is designed like no other to give you all the Information on Duluth, Minnesota & Superior, Wisconsin Real Estate you will need!
 Looking for homes? Search everything the web has to offer, right here! Don't miss my Feature Homes. Need local real estate information? I've summarized much of what is important about the Duluth, Minnesota and Superior, Wisconsin real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top Realtor. Not even ours! This site is filled with ways that you can contact me for one-on-one expert help and advice. That's my job. Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR Realtor. As your trusted, professional real estate partners, I will help you find the best home in your area within your price range. And together I will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top Duluth, Minnesota and Superior, Wisconsin Realtor, I have the experience and track record you are looking for. Please let me help. - Jim Ronding |
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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 |
Upon completion this year, what will be the tallest residential building south of New York and east of Chicago?
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Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria. |
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