Homeowner tax breaks lost in translation

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If you are a homeowner who wants to be aware of virtually every possible tax saving break, "J.K. Lasser's Homeowner's Tax Breaks" by Gerald J. Robinson Esq. is a good guidebook. It highlights almost every home ownership tax benefit, usually making the explanations easily understandable. However, the book should contain a warning on the front cover stating, "Information in this book should be verified with your personal tax adviser because the author failed to include documentation to support his statements." Purchase Bob Bruss reports online. For example, in the chapter about avoiding tax on the sale of a high-priced home exceeding the $250,000 or $500,000 tax exemption of Internal Revenue Code 121, the author explains his "leasehold carve-out" method. Too complicated to explain here, the method involves an option to purchase the land beneath an expensive house. But the author fails to cite any court decision or tax ruling upholding this method. The trusted name of the late J.K...