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Are you going to sell your home, or are just thinking about it?
Then you may be eligible to take advantage of one of the most terrific tax-breaks allowed by the IRS!
I’m talking about the “Principal Residence Gain Exclusion” break.
Why this money saving opportunity is so important now.
As you know, the residential real estate market has been taking off like a rocket, so it’s very likely that your home has dramatically increased in value.
This raises the question of how to handle the sale of your home from a tax perspective.
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Here’s how you benefit in dollar terms.
Good news. The federal income-tax gain-exclusion break for the sale of your principal residence is still on the books, and it’s a potentially big deal for you.
If you’re unmarried, the exclusion can shelter up to $250,000 of home sale gain. If you’re married, it can shelter up to $500,000. That’s a nice chunk of change!
If you know how to comply with Uncle Sam’s requirements, you can come out a big winner. A really big winner.
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