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Feature Home - Lovely 2 family ** MINT

$454,900 New Price !

Photo of 12 Van Vliet Court, Clifton, NJ, 07013.

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Address: 12 Van Vliet Court	City/ST: Clifton, NJ	Zip Code: 07013
Location: Clifton	Property Type: 2 family	New or Resale: Resale
Bedrooms: 6	Bathrooms: 2	MLS# 2768384

Lovely Family home offering 3 over 3 bedrooms..a Rare find ! This spacious home offers a nice kitchen with pantry , dining room & living room, ful bath & separate utils & new windows in both units ! Full basement, 2 car garage & separate fenced in yard space.

Last Updated: 9/3/2010 2:12:26 PM

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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 famous writer's home is Rowan Oak?
A	Rowan Oak in Oxford, Mississippi, was the home of William Faulkner from 1930 until his death in 1962.
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Janet DePalma, REALTOR�, real estate agent and broker for Nutley, Belleville and Bloomfield, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Janet DePalma
Coldwell Banker Franklin Realty
527 Franklin Avenue
Nutley, NJ 07110
973-235-1312
Fax: 973-235-0718
janetdepalma@NUMBER1EXPERT.com

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