Product Details

• Amazon Sales Rank: #3296695 in Books
• Published on: 2006-01-25
• Original language: English
• Number of items: 1
• Binding: Paperback
• 128 pages

Synopsis
Use this text on any AuthorHouse materials. The back of the book cover has already been designed with the appropriate text. THE HOME SELLER'S GUIDE TO TAX SAVINGS: Simple Ways For Any Seller To Lower Taxes To The Legal Minimum, shows sellers how to make complex tax rules work for them, not against them. It offers detailed explanations, in language that everyone can understand, of significant changes in how taxes are figured on profits realized from sales of principal residences. The old rules generally allowed sellers to defer taxes on their profits. Previously, there was no ceiling on the amount of gains eligible for deferral. To qualify for the deferral, sellers had to purchase a replacement residence that cost as least as much as the amount received for the one sold. Those rules were scrapped and replaced in 1997. The current rules trim taxes for most sellers, but drastically raise them for many sellers in expensive housing areas. This book aims to provide clear, uncomplicated and immediately helpful advice on how to choose and implement tactics that shrink taxes to the legal minimum for sellers with profits above specified amounts.The law permits sellers to "exclude" - meaning they pay no taxes - from income profits of as much as $250,000 for those who file single returns and $500,000 for married couples filing joint returns.

But sellers with profits that exceed the exclusion ceilings are liable for taxes. Those $250,000 and $500,000 numbers that seemed so lofty in 1997 have become considerably less impressive. How come? Because properties subsequently have appreciated so spectacularly in lots of places that profits significantly above the exclusion caps have become commonplace, particularly for individuals who have owned their dwellings for lengthy periods. Astronomical prices underscore how important it is for sellers to familiarize themselves with often-overlooked, perfectly legal strategies that enable them to decrease their federal and stat