Cartersville, Acworth, and Adairsville Georgia real estate listings, home buying, selling and relocation information

When you are ready to put your home on the market, call a Realtor. When you are ready to SELL your home, Call Bonnie Mullinax! 770-606-0054

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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 the world's oldest wooden structure?
A	The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670.
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Bonnie Mullinax and The Mullinax Team, REALTOR®, real estate agents and broker for Cartersville, Acworth, and Adairsville Georgia home listings, property and land for sale - NUMBER1EXPERT(tm)

Bonnie Mullinax and The Mullinax Team
Keller Williams Realty Northwest
103 Mockingbird Drive, Suite A
Cartersville, GA. 30120
Phone: 770-606-0054
Toll Free: 1-866-410-7450
Fax: 770-606-9941
Email: info@mullinaxteam.com
Bonnie started out in 1998 as a stand-alone Real Estate Agent. She observed trends, needs and combined empathy for her clients needs with her tough negotiating skills. Because she understood and still understands the emotional rollercoaster ride home selling and purchasing can be, she fought for the best deal possible for her buyers and sellers. Bonnie quickly gained a reputation for being honest, hardworking and successful with her clients, and her business grew. In 1998, she added a Client Care Coordinator, and soon after buyer agents and other people in administrative roles around her, and thus The Mullinax Team was born! Today, Bonnie and her husband, Wes, run the Mullinax Team. She lists homes and negotiates sales, mentors team members, provides training opportunities, oversees the marketing, speaks nationally at various Real Estate events and coaches Real Estate agents. She has brought her team to the top, producing volume and sales consistently since 2001. She rounds out her life through involvement with her two teenage children, playing golf and staying involved in community events.

www.mullinaxteam.com is brought to you by Bonnie Mullinax and The Mullinax Team
NUMBER1EXPERTS™ in real estate for Cartersville, Acworth, and Adairsville, Georgia, waterfront property, homes with acreage

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