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Local Real Estate Market: Stamford, Greenwich and New Canaan Connecticut home buying, real estate listings, and homes for sale in Fairfield County, CT

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About the Stamford, Greenwich and New Canaan Real Estate Market

Request my Free Stamford, Greenwich and New Canaan Relocation Package. It's packed full of useful and important information about the Stamford, Greenwich and New Canaan, Connecticut area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out...

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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	During what months of the year do most people move from one home to another?
A	Most moves occur between the months of May and September.
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Phyllis Doonan, REALTOR®, real estate agent and broker for Stamford, Greenwich and New Canaan Connecticut home listings, property and land for sale - NUMBER1EXPERT(tm)

Phyllis Doonan
William Raveis Real Estate
817 Long Ridge Rd.
Stamford CT
06902
Cell: 203-428-1703
Direct: 203-363-7142
Fax: 203-326-5357
PhyllisDoonan@NUMBER1EXPERT.com
phyllisdoonan@earthlink.net
denisedoonan@earthlink.net
Born and raised in Co. Leitrim, Ireland I grew up on a dairy farm and was the youngest of six children. I went to elementary school in a two-room schoolhouse and later cycled six miles to and from high school each day! Life was simple, and my after school activities consisted of helping on the farm with feeding the calves, milking the cows and picking vegetables and turf for the fire. I was very connected to nature at the time! I can remember back to when the first electric light was installed in our house and when my father got his first car- it was a Ford! Both of these events were major milestones in my life and all of my childhood experiences have made me who I am today.

For the last 20 years I have dedicated myself to making the emotions of real estate and the moving process as painless as possible. I pride myself in listing, selling, marketing, negotiating and closing the best deals for my clients. I am established leader in Fairfield County Real Estate. I have been a consistent top producer ranking #1 in both units sold and closed dollar volume for the past 20 years. I believe that real estate is all about family and having built my business by being known as ï¿½The Matchmakerï¿½ ï¿½ Matching Homes with Families and Families with Homes, I have proven success. I cover everything from the first-time buyer and renter to luxury homes and waterfronts along with condo and commercial developing. I feel as though my diversity allows me to understand and best suit my clients growing needs. I also believe in a strong work ethic and commitment to clear and effective communication.

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