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  • Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from The Kite Team, a proven Vernon Hills, Gurnee and Grayslake, Illinois NUMBER1EXPERT™ Top Selling real estate agents.

  • Find Vernon Hills, Gurnee and Grayslake Homes - Find Vernon Hills, Gurnee and Grayslake, Illinois real estate listings & homes for sale provided by The Kite Team, your local expert real estate agents. New construction.

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  • Vernon Hills, Gurnee and Grayslake Information - Find local information on Vernon Hills, Gurnee and Grayslake, Illinois including schools reports, local maps and links, things to do, area photos, and relocation information. Local information provided by The Kite Team, a proven NUMBER1EXPERT™ Top Selling real estate agents.

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School Reports in Vernon Hills, Gurnee and Grayslake, Illinois
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Real Estate Tips
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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Real Estate Trivia
Q 
What famous American sign was originally erected as a real estate ad?
A 
The Hollywood sign, built in 1923, was conceived as a real estate ad that originally read, "Hollywoodland."
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The Kite Team, REALTOR®, real estate agents and broker for Vernon Hills, Gurnee and Grayslake, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Kite Team
Keller Williams Premier Realty
410 Peterson Rd.
Libertyville, IL. 60048
Phone: 847-877-9881
Email: Amy@AmyKite.com

Founder of the Kite Team of Keller Williams, Amy Kite specializes in the real estate needs of first-time home buyers, retirees, seniors and military personnel. Areas of expertise include foreclosure prevention, short-sales, new construction, and investment property. For the past three years, Amy has netted 98.7% for her clients of their asking price. For 2007, Amy has netted 99.5% for her sellers of their asking price and her buyers have paid on average 92% of the asking price. Amy Kite is a Top Expert in Lake County area real estate.

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