As the end of 2006 rapidly approaches, there is still time to plan your year-end tax savings. Just one or two savvy real estate transactions can result in saving thousands of tax dollars in this year and future years. Of course, always consult your personal tax adviser to maximize tax savings. Here are the 10 major year-end real estate tax savings opportunities: Purchase Bob Bruss reports online. 1. SELL YOUR PRINCIPAL RESIDENCE BEFORE NEW YEAR'S DAY. The biggest tax break available to most taxpayers is to sell your principal residence. If you owned and occupied it at least 24 of the last 60 months before its sale, you can claim up to $250,000 tax-free capital gains (up to $500,000 for a qualified married couple filing a joint tax return). Internal Revenue Code 121 provides this generous tax break. But it can only be used once every 24 months. 2. BUY A PRINCIPAL RESIDENCE BEFORE YEAR-END. If you want to buy a house or condo for your principal residence, the current "buyer's market" in ...
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