Do you own more than one home? Perhaps you spend the winter in your warm Florida or Arizona home and the summer enjoying your cool Maine or Michigan cottage. Millions of U.S. residents share your situation of owning a vacation or second home. Depending on your circumstances, you might be overlooking significant tax savings. Purchase Bob Bruss reports online. If you keep careful tax records for both homes, you might be entitled to big tax breaks during ownership and when you decide to sell. Just in case you are audited by the IRS, it's best to keep your residence tax records "forever." For example, last year James and Jean Guinan received the bad news from the U.S. District Court their profit on the sale of their northern Wisconsin home was taxable and they owed $45,009 capital gain tax. Although they met the two-out-of-last-five-years ownership and occupancy tests of Internal Revenue Code 121 to claim the $500,000 principal residence sale tax exemption (up to $250,000 for a sin...
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