All agents are NOT alike! Find out why we are top real estate experts. Call Steve Ashton at 785-826-7986 for all your Real Estate needs!
Buyers Want Your Home for as Little as Possible. Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision. Find Out More > View All Offers >
Our Experience, Credentials, Track Record, and Awards
Please Sign Up For The Latest Listings and the Latest Real Estate News
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.
Ashton Home Team Millwood Realty 1101 S. Ohio Salina, KS 67401 Office: 785-826-7986 Cell: 785-826-7986 Fax: 785-825-0637 steveashton@topproducer.com
I am a native of Salina, KS and have been in the Real Estate profession for 20 years. I have my brokers/salesperson license and have consistently been in the top 1% of agents in the areas of listings sold, buyer controlled sales and total units sold for the past 19 years.
I hold various designations and degrees: CRS (certified real estate specialist), ABR (accredited buyers representative), GRI (graduate realtor institute) and graduated from Wichita State University with a degree in Business Administration. I am a member of NAR (National Association of Realtors), KAR (Kansas Association of Realtors) and our local Multiple Listing Service. I have served or am currently on the Board of Chamber of Commerce, Big Brothers and Big Sisters, American Cancer Society, American Business Clubs of America and Rotary International. I have been voted winner of the Salina Journal’s Readers Choice Award for Best Realtor 9 years in a row.
I have a team of dedicated individuals who will work hard for you to make your real estate experience an enjoyable one. We look forward to meeting you!
www.AshtonHomeTeam.com is brought to you by
Ashton Home Team NUMBER1EXPERTS™ in real estate for
Salina, Bennington and Lindsborg, Kansas
- NUMBER1EXPERTS™ 
