Estimated Tax Tip Savings: Depending on how much profit you make on your home sale and your passive losses due to renting, your additional IRS-funded profit could easily be $10,000-$50,000.
The IRS just issued amazing news to property owners who have lived in their home and then rented it out for a period of time before selling. When you sell your property—if you do a little strategic planning in advance—you could end up with a negative total tax on the sale of your home. Negative tax means additional profit—more money in your pocket!
Here’s a great example: A taxpayer sold her home for a $100,000 before-tax profit and turned that into a $110,000 after-tax value.
If you love IRS-sanctioned tax benefits, you’ll love the fascinating story of how this taxpayer:... Log in to view full article.