Here are countless ways to profit from the new 1997 Tax Act when buying or selling residential or commercial real estate. Some of the most significant changes in this bill affect real estate, including a complicated capital gains reduction on investment property, a new USD500,000 exclusion on the sale of a personal residence, and other reforms. This book includes tips and information on how new exclusions can save you money when selling your home, the impact of the bill on rental property sales, how to determine your taxes under the new rules, and more. Robert Irwin (Palos Verdes, California) has been a successful real estate broker for over thirty years. He has written over thirty books, including the "Tips and Traps" series.
Table of Contents
HOME EXCLUSION. The New Up to $500,000 Home Exclusion. Using the Up to 500,000 Home Exclusion. Downsizing and Other Opportunities. What if I Claim a Portion of My Home as a Home Office? CAPITAL GAIN REDUCTION. Effect of Capital Gains Tax on Investment. The Changes in the Capital Gains Law. How to Calculate Your Capital Gain. Recapture of Depreciation. Trading versus Selling. What if I Can't Cash Out for Enough Money to Pay the Taxes? Buy/Sell Strategies. OTHER RELATED TAX LAW CHANGES. Taking Money Out of an IRA for a First Home. Increased Estate Tax Exemption. The Collectibles and Bullion Connection. Appendices. Index.
ROBERT IRWIN, a real estate broker for more than three decades, has written more than 30 books, including the bestselling Tips and Traps series.