Property Spotlight
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Ellijay For Sale $7,900 0 Beds / 0 Baths
| Buildable, Gentle Wooded Lot that has new survey & soil test complete... more >>
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Blue Ridge For Sale $31,250 0 Beds / 0 Baths
| FORECLOSURE LOT!!!! Great lot with Gentle, Rolling Terrain, Mountain View, All paved roads, End of the Road Privacy. Property is being sold as-is with no warranties expressed or implied... more >>
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Blue Ridge For Sale $33,700 0 Beds / 0 Baths
| FORECLOSURE LOT!!!! Great lot with Gentle, Rolling Terrain. Long Range Mountain View can be aquired on this lot with tree trimming!! All paved roads, End of the Road Privacy... more >>
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Ranger For Sale $40,000 0 Beds / 0 Baths
| Endless Panoramic Mountain Views are what youll get from this 1... more >>
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Ellijay For Sale $53,000 2 Beds / 1 Baths
| 40 ft Hy-Line Camper with Bay Window that overlooks the river! Upgrades include high efficiency stack washer & dryer, 2 slideouts, ducted heat and air, six sleeper, 2 door model... more >>
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Blue Ridge For Sale $55,000 0 Beds / 0 Baths
| Superb Lot in Upscale Subdivision! Beautiful Panoramic Views of Layers & Layers of Mountains!!.. more >>
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Ranger For Sale $55,000 0 Beds / 0 Baths
| Endless Panoramic Mountain Views are what youll get from this 1... more >>
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Blue Ridge For Sale $114,000 0 Beds / 0 Baths
| 278 Ft. of Little Fightingtown Creek Frontage!! Gentle laying lot with Easy Creek Access. Excellent Building Site Sits Above this Noisy Creek thats one of North Georgias Premier Trout Streams... more >>
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Blairsville For Sale $119,900 3 Beds / 2 Baths
| SHORT SALE!! BRING ALL OFFERS!!!!! Great Low Maintenance Ranch Style Home with Custom Floor Plan!.. more >>
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Blue Ridge For Sale $134,900 0 Beds / 0 Baths
| 613 of Little Fightingtown Creek Frontage!! Gentle laying lot with Easy Creek Access. Excellent Building Site Sits Above this Noisy Creek thats one of North Georgias Premier Trout Streams... more >>
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Blue Ridge For Sale $139,900 0 Beds / 0 Baths
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Morganton For Sale $149,900 2 Beds / 3 Baths
| Retreat to the Mountains and Enjoy Getting Away to this 2BR/3BA Cabin with a Year Round Mountain View From All Three Levels!.. more >>
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Mineral Bluff, For Sale $174,900 2 Beds / 2 Baths
| Enjoy Peace, Quiet & Privacy in the Mountains from this 2BR/2BA cabin sitting on 6 acres..... more >>
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Blue Ridge For Sale $189,000 2 Beds / 2 Baths
| Great Bargain on this 2BR/2BA home sitting on 4... more >>
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Blue Ridge For Sale $199,000 0 Beds / 0 Baths
| Over 1300 of creek frontage, rolling pasture land and majestic mountain views all encompass this 12.45 acres... more >>
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Blue Ridge, For Sale $220,000 1 Beds / 3 Baths
| Still under construction but approx. 95% complete! 1BR/2BA and sleeping loft on 1.7 acres with 175 of Toccoa River Frontage!! Come in and finish the way you want..... more >>
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Cherry Log For Sale $259,000 3 Beds / 2 Baths
| This property has it all...lake frontage, creek frontage, private location and tons of charm! Fully Furnished 2BR/1... more >>
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Blue Ridge For Sale $275,000 3 Beds / 2 Baths
| Astonishing Views of Lake Blue Ridge & Multi-Mountain Layers are what youre going to get from almost Every Room of this Cabin!.. more >>
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Blue Ridge, For Sale $279,000 2 Beds / 2 Baths
| Prow Front Chalet with tons of glass so you can see the Year Round Long Range Mountain & Pasture views!.. more >>
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Reliance For Sale $439,000 3 Beds / 3 Baths
| New 4536 Sq Ft Home In The Mountains Sitting Among Towering Pines And Hardwoods Perched On A Mountain With Mountain Views. National Forest Borders 2 Sides And Offers Total Privacy... more >>
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What is a 1031?
When you sell property, you pay tax. However
Section 1031 of the
Internal Revenue Code (IRC) lets you defer the tax. A 1031 Exchange (aka:
Starker exchange, tax-free exchange, like kind exchange, delayed exchange,
etc.) is a specific transaction that joins the sale of an Old Property and
the purchase of a New Property for the purpose of deferring taxes. 1031 is
an actual IRS code, NOT a 'loop-hole.' Where loopholes are technicalities
around the law, 1031 IS THE LAW, and makes it safe and legitimate for anyone
who meets the requirements.
Properties that qualified can be bare land, rentals, commercial buildings,
and homes other than your primary residence. You can also use the 1031 to
buy and sell oil and gas interests, mineral rights, and working or royalty
interests. The 1031 is a great tool when used for property that has
increased in value or been depreciated for tax purposes. It increases your
leverage, flexibility and buying power. The 1031 also lets you
change, diversify, or consolidate your investments.
How to avoid paying taxes
If you would like to avoid paying taxes, you
can. Real estate owners can use two different IRS
code sections to avoid all, or almost all, of the tax on the sale of their
real estate. The Section 121 Code applies to your personal residence. It
provides for an exemption of $500,000 of gain for a married taxpayer on the
sale of a primary residence (or $250,000 of gain for a single person). In
order to
qualify for Section 121, the taxpayer (s) needs to both use and own the
property as a primary residence for at least 2 of the last 5 years.
Code Section 1031 applies to any real estate held for investment
purposes, like rental houses, commercial property, or bare land. This allows
the taxpayer to defer, or postpone, the payment of the capital gains tax by
rolling the gain from the sale of an old investment property forward into
the purchase of a new investment property. You can also use 1031 in
selling and buying second homes or vacation homes! Used together, these two
code sections are very powerful in helping avoiding taxes. Be sure to
consult a 1031 Expert if you are considering a tax-deferred exchange
transaction.
6 Things to Know About Using the 1031:
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If both your old and new properties qualify as investment or business use,
you can exchange nearly any type of real estate.
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You have 45 days from the closing of
your sale to list the properties you may want to buy. There are no
exceptions to the deadline.
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From the sale closing date, you have 180 days to close on the purchase.
There are no exceptions.
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The
IRS says you must use a Qualified Intermediary. The QI cannot be your
friend, employee, broker, accountant or attorney.
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You must purchase and take title to
your new property exactly as you held title to your old property.
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You must buy a property equal or
higher in value than the one you sold, and reinvest all of the cash proceeds
from your sale.
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