Botetourt County and Roanoke Valley real estate and homes for sale in Virginia - Micki Patrick, REALTORS® Micki Patrick REALTORS(r) for Botetourt County and Roanoke Valley, Virginia real estate - NUMBER1EXPERTS™ Micki Patrick NUMBER1EXPERTS(tm) for Botetourt County and Roanoke Valley, Virginia real estate
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Micki Patrick, REALTOR®, real estate agents and broker for Botetourt County and Roanoke Valley Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)




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For Buyers: Botetourt County and Roanoke Valley Virginia home buying, real estate listings, and homes for sale in Botetourt                      County, VA
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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 U.S. state is home to the world's richest woman?

A 
Alice Walton, daughter of WalMart's founder and heiress to $16.5 billion, lives on a ranch in the state of Texas.
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Micki Patrick, REALTOR®, real estate agents and broker for Botetourt County and Roanoke Valley Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Micki Patrick, Associate Broker
RE/MAX All Stars

Serving Botetourt County & The Roanoke Valley
1225 Roanoke Road
Daleville, VA 24083
Micki's Phone: 540-992-4646
Toll Free: 800-507-9882
Fax: 877-806-2525
Dayna Patrick: 540-342-9600
Email: Micki@MickiPatrick.com

Micki Patrick is a top producing Realtor/Broker with 30+ years experience in the Roanoke Valley of Virginia, which includes Botetourt, Bedford, Craig, Franklin, Floyd and Roanoke Counties. Micki’s daughter, Dayna Patrick, a Realtor since 1990, with five years experience in the custom-home construction field, assists Micki in delivering creative and highly individualized service to our clients throughout the whole home buying and/or selling process. Micki and Dayna specialize in country property, residential homes, horse farms and unique properties of all types. Their love of the region, chosen after a countrywide search for the ideal place to live, contributes to their enthusiasm in helping families relocate to the Roanoke area. Whether helping you to buy or sell your special place, Micki and Dayna make a dynamic team and can help you achieve your real estate goals with ease. Share your vision with us, and let us bring our market knowledge, enthusiasm and expertise to work for you.

REALTORMLSEqual HousingABRePro


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