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Don't Forget To Request A Quick Status Report On Any Homes Or Properties That Interest You! It can take days, weeks, or longer for changes to appear on web sites. Don't waste your time with less than current information. Request my free Status Report and find out if the homes you are interested in are still on the market, under contract, in escrow, or if the price has been reduced. The Status Report that you'll receive by email will also include other important information that has been left out or that is available to me through my professional resources, such as how long the property has been on the market, when it was last sold, what it sold for, and more. Remember: As a top Wailea, Makena, Kihei and South Maui area real estate agent, it's my job to know more about a property than any web site. Make sure you have the most current information! 
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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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Tom Tezak
Coldwell Banker Island Properties
The Shops at Wailea
3750 Wailea Alanui, Suite B-35
Wailea, Maui, HI 96753
Direct Toll Free: 866-752-4663
Fax: 808-442-0942
Tom@TomTezak.com
As one of the premier real estate professionals in South Maui, Tom Tezak has his finger on the pulse of the local real estate market. As a Realtor Salesperson with extensive luxury real estate experience, Tom thoroughly understands the needs of both the buyers and sellers of everything from oceanfront properties to exclusive condominium communities. Whether he's cruising the Maui coastline in his family's boat or waiting for the right moment to snap a photo of a beautiful sunset or diligently providing his clients with answers they need, you can be sure Tom Tezak knows the importance of Making Every Moment Count!  
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