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Feature Property - 949 Holyoke Drive

$164,500

Photo of 949 Holyoke Drive, OFallon, IL, 62269.

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949 Holyoke Drive

Address: 949 Holyoke Drive	City/ST: OFallon, IL	Zip Code: 62269
Location: O'Fallon IL	Property Type: Single Family Home	New or Resale: Resale
Square Footage: 1900	Bedrooms: 3	Bathrooms: 2
MLS# 3002419

APPEALING RANCH CONVENIENTLY LOCATED NEAR SCHOOLS, SHOPPING, SCOTT AFB AND I-64 EXIT. ONE OWNER, WELL MAINTAINED HOME, WITH SPLIT BEDROOM LAYOUT. LIVING ROOM OFFERS FIREPLACE WITH GAS LOGS AND WALKS OUT TO PATIO. AMENITIES INCLUDE WHOLE HOUSE FAN AND SECURITY SYSTEM. FRESHLY PAINTED INTERIOR. MINUTES TO ST LOUIS AND SCOTT AIR FORCE BASE.

Last Updated: 6/24/2010 2:45:27 PM

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949 Holyoke Drive
Family room
Family room 2
Dining room
Dining room 2
Kitchen
Kitchen 2
Kitchen 3
Master bedroom

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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 was a sure way to accumulate wealth through the 1970s and early 1980s?
A	Many people made their fortunes in real estate during this period.
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Susan and David Holden, REALTOR�, real estate agent and broker for O'Fallon, Scott Air Force Base and Belleville, Illinois home listings, property and land for sale - NUMBER1EXPERT

Susan and David Holden Broker/Owners
RE/MAX Preferred
1668 Windham Way - Lakepointe Centre
O'Fallon, IL 62269
618-531-4887
Fax: 618-624-8927
DavidHolden@remax.net
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