THE HOME SELLER'S GUIDE TO TAX SAVINGS: Simple Ways for Any Seller to Lower Taxes to the Legal Minimum 2006 Edition [Paperback]

Julian Block (Author)

Book Description

ISBN-10: 1425911471 | ISBN-13: 978-1425911478 | Publication Date: January 25, 2006

Use this text on any AuthorHouse materials. The back of the book cover has already been designed with the appropriate text. THE HOME SELLER'S GUIDE TO TAX SAVINGS: Simple Ways For Any Seller To Lower Taxes To The Legal Minimum, shows sellers how to make complex tax rules work for them, not against them. It offers detailed explanations, in language that everyone can understand, of significant changes in how taxes are figured on profits realized from sales of principal residences. The old rules generally allowed sellers to defer taxes on their profits. Previously, there was no ceiling on the amount of gains eligible for deferral. To qualify for the deferral, sellers had to purchase a replacement residence that cost as least as much as the amount received for the one sold. Those rules were scrapped and replaced in 1997. The current rules trim taxes for most sellers, but drastically raise them for many sellers in expensive housing areas. This book aims to provide clear, uncomplicated and immediately helpful advice on how to choose and implement tactics that shrink taxes to the legal minimum for sellers with profits above specified amounts. The law permits sellers to "exclude" - meaning they pay no taxes - from income profits of as much as $250,000 for those who file single returns and $500,000 for married couples filing joint returns. But sellers with profits that exceed the exclusion ceilings are liable for taxes. Those $250,000 and $500,000 numbers that seemed so lofty in 1997 have become considerably less impressive. How come? Because properties subsequently have appreciated so spectacularly in lots of places that profits significantly above the exclusion caps have become commonplace, particularly for individuals who have owned their dwellings for lengthy periods. Astronomical prices underscore how important it is for sellers to familiarize themselves with often-overlooked, perfectly legal strategies that enable them to decrease their federal and stat

Product Details

• Paperback: 128 pages
• Publisher: AuthorHouse (January 25, 2006)
• Language: English
• ISBN-10: 1425911471
• ISBN-13: 978-1425911478
• Product Dimensions: 8.8 x 5.9 x 0.4 inches
• Shipping Weight: 7.8 ounces
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #6,158,617 in Books (See Top 100 in Books)

More About the Author

Julian Block is a nationally recognized attorney who has been singled out as a "leading tax professional" (New York Times) and "an accomplished writer on taxes" (Wall Street Journal. Block is well known for his ability to translate complicated tax laws into plain English and for the concise, entertaining way he alerts readers of his nationally syndicated column, The Tax Adviser, to simple, perfectly legal, tax-saving strategies.In addition to writing and practicing law in Larchmont, N.Y., he conducts continuing education programs for tax professionals and is a frequent guest on television and radio shows, including Today on NBC and Wall Street Journal Reports.

Customer Reviews

Most Helpful Customer Reviews

0 of 1 people found the following review helpful:

5.0 out of 5 stars Review by Alan Caruba in April edition of Bookviews.com, April 6, 2006

By 

Julian Block (Larchmont, NY USA) - See all my reviews
(REAL NAME)   

This review is from: THE HOME SELLER'S GUIDE TO TAX SAVINGS: Simple Ways for Any Seller to Lower Taxes to the Legal Minimum 2006 Edition (Paperback)

Getting Down to Business
Julian Block and I have both been members of the American Society of Journalists and Authors for so long that I can't recall not knowing him and reading his excellent advice on tax matters over the years. Julian has revised and expanded his book, The Home Seller's Guide to Tax Savings and it is filled with money-saving information. For example, since 1997 sellers pay no taxes on profits of as much as $250,000 for single persons and $500,000 for married couples. There are many other ways to save money such as deducting for a home office, rules affecting divorcing couples, and increased deductions for casualty and theft loses due to Hurricane Katrina if you live in areas where it occurred. An attorney and former IRS special agent, Julian writes a monthly column, "Real Estate In-Depth", for the newspaper of the Westchester Country Board of Realtors, serving more than 7,700 realtors in New York's northern suburbs.