Sometimes tax rules are easy to follow.
Other times, several rules interact with each other and have to be coordinated carefully to deliver the maximum tax benefit.
In this issue of the Tax Reduction Letter, we’ll deal with just such an integration challenge that was ultimately successful.
Read the full article for full details.
Here’s an example of important issues
that had to be integrated.
Issue #1: “We’re thinking of renting our home this summer while my wife and I take a two-month vacation.”
Issue # 2: “Our home is worth a lot more than we paid for it so we want to be sure that the gain in value can qualify for the $500,000 exclusion.”
Issue#3. “We’re thinking about selling our home in the near future.”
Issue #4: We’re worried that renting our home for more than 14 days during the year might compromise the gain exclusion.”
Happily, in this case, all the relevant IRS rules were able to be integrated and deliver a hefty money-saving solution.
What exactly were the IRS rules involved and how were they successfully integrated by a savvy tax professional?
We’ll give you a detailed look at how the tax issues were integrated, but not in this short email. (Simply, not enough space.)
To get the whole story in detail, I urge you to read the full, complete article titled…
Does Renting My Home For Two Months
Kill the $500,000 Exclusion?