Year-end real estate tax savings revealed

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

As 2004 draws to a very successful close for most homeowners, real estate investors and realty sales agents, it's time to plan for year-end real estate tax savings strategies. Even if you can use only one or two of these techniques to cut your 2004 income taxes, making your decision now can save hundreds, or even thousands, of tax dollars. Here are the "top10" year-end real estate tax choices that can reduce your 2004 income-tax bill: Purchase Bob Bruss reports online. 1–SELL YOUR PRINCIPAL RESIDENCE BY YEAR-END. As most homeowners know, they can claim up to $250,000 principal residence sale tax-free profits. A qualified married couple filing jointly in the year of home sale can claim up to $500,000 tax-exempt profits. To qualify, Internal Revenue Code 121 requires owning and occupying your principal residence at least two of the five years before its sale. However, if you acquired your home in an Internal Revenue Code 1031 tax-deferred exchange and later converted it into yo...