Homeowners get good tax news for 2007

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

(This is Part 2 of a five-part series. Read Part 1, "IRS debunks common tax myths"; Part 3, "How to deduct mortgage interest, points on taxes"; Part 4, "Home sellers keep profits, avoid taxes"; and Part 5, "Understanding Starker exchange rules.") "The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin." --Mark Twain It's time to start planning for the experience of preparing and filing your 2007 income tax return. The Internal Revenue Service would have us believe that the average taxpayer spends only 3.7 hours in completing Form 1040, although it admits that by including tax planning, form submission and record keeping, the total average time increases to 33.5 hours. And if we add frustration and procrastination into this equation, we should already have started the process. And Congress has not helped the situation. By enacting in late December a so-called "patch" for the Alt...