Tips and Traps for Saving on All Your Real Estate Taxes

Presents advice for homebuyers and homesellers on how to navigate the tax maze to save money. Incorporating the latest legislation, the book offers advice on such topics as: how to avoid taxes when selling a home; reducing property taxes; and avoiding taxes using an installment sale.

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Although the skyrocketing price appreciation of the 1980s housing market is no more, real estate is still a great source of attractive tax breaks. How smart homebuyers and homesellers navigate the tax maze to save money is the subject of this book. Based on thousands of questions fielded by Irwin in his real estate consulting practice, the book shows readers how to plan ahead to owe the minimum and avoid overpaying. Incorporating the latest legislation, court decisions, and grass-roots activities, the book offers advice on: knowing the taxes that must be paid and those that can be avoided; how to avoid taxes when selling a home; reducing property taxes; avoiding taxes using an installment sale or exchange of properties; planning for tax consequences when buying; and understanding the capital gains tax.