It’s true. The IRS actually does have great news for you! You see, Uncle Sam has just decided to help out rental-property owners who’ve used the rental property as their principal residence.
Here’s the story in a nut shell…
Thanks to the latest IRS advice, when you sell your rental property you could end up with a negative total tax on the sale. Getting this “negative” tax bill can be a huge plus. It’s like having the government pay you!
How does this work? How can you take advantage of the negative tax?
We’re positive you’ll get straight answers when you read my new article titled Tax Tips: Make the IRS Pay You When You Sell Your Home.
Three ways our fact-filled article can help you:
- You’ll learn why the home-sale profit exclusion can be your best friend. Check this out: If you own your home and use it as a principal residence for two of the five years before you sell it, you can exclude hundreds of thousands of dollars on the sale. We’ll show you how when you read the full article.
- We’ll explain how passive-loss rules can work for Most rental-property owners will tell you that the passive-loss rules are a royal pain. The flipside, though, is that when you sell rental property, suspended passive losses turn into a lovely parting gift. We’ll give you all the details when you read the full article.
- We’ll explain how to get the best of both worlds. If you play your cards right you can use both the home-sale profit exclusion and the freed passive losses. According to IRS guidance, you first apply the home sale profit exclusion. Then you consider the freed passive losses. This is terrific news as you’ll learn when you read the full article.