Listing Details: Colorado Springs, Falcon and Fountain, Colorado Real Estate Listings & Homes For Sale Provided by Chuck Wartman

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Feature Property - Old Colorado City

$145,000 Dont miss out

Photo of 630 Skyline Ave, Colorado Springs, CO, 80905.

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Address: 630 Skyline Ave	City/ST: Colorado Springs, CO	Zip Code: 80905
Location: Old Colorado City	Property Type: Single Family Home	New or Resale: Resale
Square Footage: 2352	Bedrooms: 4	Bathrooms: 1 full, 1 half
MLS# 626547	Property Tax: 838	Monthly Rent Estimate: $1,200

NEW ROOF IN 2008, NEW FURNACE IN 2008; NICE OPEN FLOORPLAN WITH CITY AND MOUNTAIN VIEW. UPDATED ELECTRICAL PANEL, HARDWOOD FLOORS ON MAIN LEVEL. TILE IN KITCHEN. LARGE WOOD DECK IN BACKYARD. EXTRA PARKING ON SIDE OF HOME.

Last Updated: 5/19/2010 5:34:34 PM

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Evaprative Cooler
looking into formal dining room
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Kitchen
Basement Familyroom
Main Bathroom
Master 1/2 bathroom
Master Bedroom
2nd Bedroom
3rd Bedroom
4th Bedroom
Kitchen
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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 area in the United States has the highest per capita income?
A	The New York/New Jersey/Long Island area has a per capita income of over $750,000, according to the most current available U.S. census data.
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Chuck Wartman, REALTOR�, real estate agent and broker for Colorado Springs, Falcon and Fountain, Colorado home listings, property and land for sale

Chuck Wartman
RE/MAX Properties, Inc.
1740 Chapel Hills Dr.
Colorado Springs, CO 80920
Office: 719-231-5525
Fax: 719-598-9308
chuckwartman@NUMBER1EXPERT.com
Hello! My goal is to build trusting relationships with my clients so they understand I am behind them throughout the entire process. I believe that hard work, open communication and dedication are they key ingredients in being successful.

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