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As a homeowner, you get tax breaks for your principal residence and second home.
But you can’t access the most valuable write-offs until you sell your house. That’s right. Your major home improvements can save you money in capital gains tax.
Sure, the IRS waives the tax on the first $250k (single) or $500k (married) of gain on your primary residence, but if you surpass it, then you’re in trouble. You’ll need to prove the profit is much smaller.
This workbook outlines the steps required to protect your tax deduction. Plus, it has fillable forms to help track your adjusted basis — the figure you report on your tax return to reduce the tax you pay.
Here’s what the book reveals:When you’ll surpass the IRS exclusion limitsThe lesser-known problems of not tracking your basisWhich expenses help you pay less taxHow the figures affect your tax returnWhy record keeping is a top priorityGet your workbook, so you can pay less tax.
ASIN : B09PHBV1LZ
Publisher : Independently published (January 1, 2022)
Language : English
Hardcover : 139 pages
ISBN-13 : 979-8463759450
Item Weight : 14.7 ounces
Dimensions : 8.25 x 0.51 x 11 inches
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