Texas Property Taxes for 2007
Texas Property Tax Information 2007
Local property taxes typically rank second only to the monthly mortgage payment in the total monthly cost of a home. Clearly, local property taxes affect home affordability by increasing the monthly cost of ownership.
Property owners expect to pay property taxes; a value impact typically arises if actual taxes differ substantially from perceived “fair” taxes relative to the services provided. Research indicates that the value-depressing effect of property taxes can be offset if the market places sufficient value on the services provided by the tax.
An example of this is the local school tax rate. Studies consistently show that the value of homes in perceived “desirable” school districts is greater than similar properties located in “less desirable” school districts, even if the desirable local school property tax rate is higher. Families bid up the prices of homes to live in desirable school districts despite higher property taxes.
Buyers may also value other local services (such as fire and police protection, planning and code enforcement, road maintenance or other government services) or lower total state and local taxes higher than the “cost” of higher property taxes. If the market does not value the benefits of local services more than the cost of providing the services, the value depressing effects of higher taxes may be substantial, especially if actual taxes significantly exceed perceived “fair” taxes for the area.
The value impact of local property taxes may depend on how the market views the property tax relative to the total tax burden, which includes all other state and local taxes, collectively, on a per capita or percentage of income basis. If relatively high property taxes are offset by lower other taxes, any negative property tax value impact may again be reversed.
The 2004 per capita property tax collections show Texas ranked 14th nationally in property tax burden; however, with no state income tax and with other state and local taxes somewhat lower, Texas’ relative total local tax burden is substantially less than most other states.
Projected 2006 data indicate Texas ranks 36th in the total state and local tax burden per capita and 45th in total state and local tax burden as a percentage of income.
You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes.
Read about available property tax exemptions at: http://www.window.state.tx.us/taxinfo/proptax/exmptns.html
How Texas lawmakers made history for 2006 and 2007
Even though we already have a low effective tax rate compared to other states (as you see in the chart above), Texas lawmakers have made history by passing a huge property-tax relief program that takes effect for 2006 taxes and fully in 2007.
Gov. Rick Perry, Lt. Gov. David Dewhurst, House Speaker Tom Craddick and all the members of the Legislature worked together to pass comprehensive public-education and school finance reform that rewards teachers, reforms our schools, and provides a record 33% property-tax cut that will make homeownership more affordable for millions of Texans. The tax-reform package reduces the net tax burden by nearly $7 billion over the next three years by lowering public school maintenance and operation taxes in the 2006 tax year by $0.17 and an additional $0.33 in 2007. All revenue-generating items in the tax-reform package are dedicated 100% to property tax education. The tax-reform package also improves our tax system with a low-rate, broad-based business tax that is fair to all businesses. Finally, and perhaps most important, it gives Texas homeowners long overdue property-tax relief.
“This plan substantially improves the school finance system, provides a record $6 billion property tax cut for homeowners and employers, dramatically increases the state’s share of education funding, protects jobs, encourages investments in workers’ healthcare and pensions, and reforms the business franchise tax by broadening the base and closing loopholes. And it is a net tax cut of more than $1 billion starting in 2007.”Key Benefits:
- It will make home ownership more affordable for millions of Texans by providing $6 billion in property tax relief for homeowners and employers by 2007.
- It will close loopholes and encompass a broader cross-section of the state economy, providing a fairer way to fund our children’s education.
- It encourages businesses to invest in jobs and employee benefits with deductions for hiring and investments in worker health care and pensions.
- It dramatically increases the state’s share of education funding.
- Record Property Tax Relief:
- More than $6 billion in annual property tax relief will be delivered to homeowners and employers by Tax Year 2007, with nearly $2 billion in property tax relief in Tax Year 2006.
- It is a net tax cut of $1 billion in Tax Year 2006, and nearly $1.5 billion in Tax Year 2007.
Read more about Texas Tax Relief at http://www.governor.state.tx.us/priorities/tax_reform/TTRC_report
Tax breaks when selling your property.
Thanks to Internal Revenue Code 121, millions of U.S. home sellers enjoy tax-free benefits when selling their principal residences. Internal Revenue Code 121 is a very generous tax exemption up to $250,000 or $500,000 that can be used over and over but not more often than every 24 months for qualified home sellers.
Whether you own and live in a house, condo, cooperative apartment or other type of principal residence, you can qualify for Uncle Sam's most generous tax exemption. To be eligible, you must have owned and occupied your primary dwelling at least 24 of the last 60 months before its sale.
Single home sellers can qualify for up to $250,000 tax-free profits. A married couple filing a joint tax return can qualify for up to $500,000 tax-free capital gains if both spouses meet the occupancy test even if only one spouse's name is on the title.
Congress also creates new tax break for mortgage insurance for families with income of less than $100,000.
Households with annual income of $100,000 or less can get a tax break on their mortgage insurance when purchasing a home in 2007 using less than the traditional 20 percent down payment.
That's because a new tax deduction effective Jan. 1 will allow them to write off the full cost of their private or government mortgage insurance on their federal tax return.With rising interest rates and slowing home-price appreciation, insured loans are often the best deal for borrowers, according to the Mortgage Insurance Companies of America, a trade association representing the private mortgage insurance industry.
Mortgage insurance helps loan originators and investors make funds available to home buyers for low-down-payment mortgages by protecting lenders from a portion of the financial risk of default.
"Making the cost of mortgage insurance tax deductible helps those who need it most: low- and moderate-income Americans, primarily first-time home buyers, who are financially responsible but simply don't have the means to amass a 20 percent down payment," said MICA president Steve Smith.
On average, the new deduction is expected to save those eligible to claim it an average of $300 to $350 a year, said MICA spokesman Jeff Lubar.
The deduction applies to private and government mortgage insurance programs, such as VA and FHA-backed loans, Lubar said. Legislation creating the deduction was supported by consumer, business, taxpayer and civil rights groups, including the National Urban League, the National Taxpayers Union, the American Homeowners Grassroots Alliance, and the Cuban
American National Council.
The Texas Property Tax System: An Overview
A tax is a compulsory monetary contribution imposed by governments to pay for governmental activities. Common taxes include income, sales and value-based taxes. A property tax is assessed according to the value of property a taxpayer owns. Because property taxes depend on value, they are called ad valorem,
meaning "according to value." Property value presumably reflects its owner's wealth; therefore, market value demonstrates an owner's ability to pay.Taxation
is the right of government to raise revenue through assesments on valuable goods, products and rights. The U.S. Constitution prohibits the federal government from taxing real property directly. Therefore, the right of property taxation is reserved for state and local governments. These governments assess ad valorem taxes to pay for public services. In Texas, a tax lien is created on all taxable property on January 1 of each year. This lien remains in effect until the property taxes are paid in full. Property taxes become delinquent on February 1 of the year following assessment.
Homeowners frequently voiced frustration concerning large increases in taxable value because of revaluations. The reforms adopted include a provision to limit growth in taxable property values for residence homeowners only. When Texas voters ratified this provision in November 1997, homestead value increases were confined to a cumulative 10 percent per year for each year since the last revaluation.
By Kenya - TexasGulfCoastOnline.com
References: Texas Comptroller, Texas Governors Office and Texas Real Estate Center at Texas A&M
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Popularity of 1031 Exchanges Surges With Market Decline
By Tara Siegel Bernard From The Wall Street Journal Online
Investors who want to cash in their chips on real estate bought as an investment but defer the tax bill, in some cases forever can do so by trading into another piece of property. This strategy isn't new, but it's enjoying a resurgence in popularity now because many investors believe that Real estate values have peaked in some markets. They want to lock in their gains and shift into other holdings without a big payment to Uncle Sam. The stratagem is called a 1031 exchange, but it doesn't actually require you to swap property with another real estate investor. You sell one property and buy another, carefully abiding by certain restrictions and time limits. A section of the tax code known as 1031 allows investors to make a "like kind" exchange of investment properties and thereby defer, and in some cases avoid, capital gains taxes. (The maximum federal long term capital gains rate is currently 15%, while some states impose an additional tax.) You can swap just about any kind of investment property for another such as an apartment house for land, or a house for a store. Investors can keep exchanging into new properties of equal or greater value, while deferring the tax hit. If you hold property until death, the capital gain is erased altogether because your heirs inherit the property at its market value, making this a popular estate planning technique as well.
'Best Kept Tax Secret
'"It's the best kept tax secret," says Stephen A. Wayner, first vice president at Bayview Financial Exchange Services LLC, a unit of Bayview Financial, a Miami real estate investment, development and mortgage finance company. "There are so many people that should be doing it. They just don't know about it."The tax savings can be substantial and by deferring the tax bill, investors have more capital to reinvest into the next property. Take, for instance, an individual who purchased a rental duplex 10 years ago for $150,000 that's now worth $500,000. If he simply sold the property, he would owe $52,500 in capital gains taxes. (This doesn't include any state taxes that might be imposed, nor does it include any depreciation recapture tax which could be owed if the owner took deductions for depreciation.) But by conducting a 1031 exchange, he could use the entire $500,000 as a down payment on a more expensive property. If you acquire a property of lesser value, you pay tax on the difference. To get the tax benefits, however, there are caveats and very specific rules which must be followed carefully. Individuals cannot use their primary residence as part of a 1031 exchange; it must be an investment property or one that's used in a trade or business. (The exchange option also isn't available for financial assets such as stocks and bonds.)
Limited Time to Pick
While there are a few ways to structure an exchange, the most common is known as a deferred or delayed exchange. When a property is sold, a "replacement" property must be identified within 45 days of the sale closing, and a deal must be completed within 180 days. An independent party known as a qualified intermediary, who can't be your real estate broker, lawyer or accountant must hold the sale proceeds until the next property is bought. "Once the taxpayer takes control of the proceeds, it violates the like kind exchange and the spirit of the rule," says Robert Klein, a tax partner in BDO Seidman LLP's Woodbridge, N.J., office. Be sure to coordinate with your tax and legal advisers, along with the qualified intermediary, to be sure you're doing everything correctly. To find a reputable qualified intermediary, you can contact the Federation of Exchange Accommodators, a qualified intermediary trade organization based in Philadelphia. It has a "QI Locator" link on its Web site, http://www.1031.org.
Ask Plenty of Questions
Once you find an intermediary firm in your area, make sure the people are experienced. After all, these are the folks who will be keeping watch over your proceeds. Key questions to ask: Are they insured and bonded? Do they engage in many 1031 exchanges, or only a couple a year? Who gets the interest on the account? Fees vary. A $500,000 or $1 million exchange would cost approximately $2,000, says Dennis Helmick, president of the Exchange Accommodators group, but it also depends on who's earning interest on the account and for how long it's held. Bayview's Mr. Wayner says fees average around $750.
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TAX OPTIONS FOR THE HOMEOWNER
As most people have undoubtedly told you, owning a home is a great tax shelter. As a
homeowner, you can use your loan interest as a tax deduction, as well as closing costs and use
of a home office. You may be interested in hiring a tax lawyer or accountant so you can be sure
that you are maximizing your tax savings. Federal tax laws (including possible exemptions) are complicated in nature and vary considerably from state to state.
The interest payments that you make on your principal residence can be deducted from
your gross annual income each year. This can mean big savings for you, especially at the
beginning of the mortgage when the majority of your payments go towards the interest. To
gain a better understanding of how much of your monthly payments go towards the interest,
consider the following:
If you take out a $100,000 loan with a 30-year term at 8%, nearly $8,000 of your $8,800 will go
towards paying your interest. That comes to over 90% of the total!
Your property taxes are also deductible from your taxable income each year. This holds
true even if the home is not your principal residence.
By the time you reach settlement, your finances will be virtually depleted. The good news is that you are able to deduct all closing costs from your gross income. This results in paying lower taxes! Overall, you can save over 3% of your home’s price.
If you are one of the many homeowners who use their home for business, you are probably
eligible to write off a portion of your home expenses. Estimate the percentage (in square
feet) of the section of your home used for business. Use that percent of your yearly mortgage bill to determine your write-off amount.
ADDITIONAL TAX DEDUCTIONS
Generally speaking, there are numerous tax advantages associated with the purchase of
a home. A homeowner can deduct points used to obtain a mortgage when buying a home,
mortgage interest paid during the year, as well as property taxes. Now the specifics as to what it
all means to you.
Points – You’ve probably heard of points when it comes to real estate and wondered what
exactly they are. Basically, when you obtain a mortgage, certain costs are associated with that
mortgage. One of these costs is called the loan origination fee, which is typically expressed as
For example, one “point” on a $150,000 loan would be $1500. Similarly, 2 points on a $150,000
loan would be $3000. On most loans, points are often broken down into two categories: the loan
origination fee (which is usually one point) and discount points (which are also a percentage of
the loan balance). Both of these are deductible. However, keep in mind that the loan origination
fee must be expressed in points in order for it to be tax deductible.
Deducting Points – When buying a home, points are deductible for the year in which they
are paid, providing they meet certain conditions. The main condition is that the mortgage is
secured by the home you primarily live in.
Also in the case that the seller pays part of these points on behalf of the buyer (as part
of a previously agreed upon condition), the buyer can still deduct the amount from their
taxes. The only catch is that the seller must relinquish the right to do so as well. The amount
cannot be deducted twice.
A last exception to the above deductions is if you make too much money. While we may
wonder if such a thing is possible, the IRS has deemed that people earning an adjusted gross
income of $128,950 are limited in terms of what they can deduct on their taxes. For married
couples filing separately, the figure is half of that.
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TAX PLANNING AFTER SELLING YOUR HOME
Once you have sold your home, a whole new set of rules apply when it comes to paying the taxes.
Assuming you meet the criteria, you can exclude a large portion of your profit from taxes if the
home is your principal residence. If you are eligible, you can pocket the money without paying
taxes on it. No, this is not a joke! Of course, you need to qualify to receive this tax break.
According to the Taxpayers Relief Act of 1997, you do not have to pay taxes up to $250,000 per
person (or $500,000 for a married couple filing jointly) on the sale of a primary residence. For
example, assume your capital gain on the sale of your home is $300,000. As a single person, the
first $250,000 profit is tax exempt. However, you will need to pay taxes on the remaining $50,000.
A married couple would be exempt from paying taxes on the entire profit since their net is lower
than $500,000. In order for this rule to apply, you must have lived in your primary residence for
at least two years. However, there is no limit to the number of times you may claim this exclusion
when selling your home. Furthermore, you are not required to invest this money into another
Remember that this exclusion is contingent upon whether or not the home you are selling qualifies
as your principal residence. To qualify, the residence must be where you spend the majority of your time. In the case of property that you rent, only where you actually reside is considered your principal residence. The portion of the home that you rent is considered investment property and is therefore taxable. It is important to note that this exclusion also applies only to your capital gain. This may vary depending on factors such as home improvements and/or property appreciation.
For example, any upgrades made on the house are subtracted from your capital gain, while property value appreciation will be added. Your best bet is to take advantage of the services of a CPA to accurately calculate your precise capital gain.
Time frame is also essential. If you haven’t lived in your home for at least two years but your capital gain will be minimal, it may be fine to sell without waiting. On the other hand, if your capital gain will be substantial, you’re probably better off waiting until the two years have expired and you can take advantage of the tax break.
Always remember to look into your local and state tax laws. Although some states have reworked
their tax codes to match the Federal Law, some maintain laws that vary. It is possible that you
may still be responsible for taxes at the state or local level. Once again, consult your accountant
to double check.
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Texas Property Tax Plan 2007 - provides a record property tax cut!
1. This plan will make home ownership more affordable for a great many Texans.
2. This plan spreads the financial burden for financing public schools over a broader cross-section of the Texas economy, which is fundamentally fairer.
3. This plan provides a record $6 billion in property tax relief in the 2007 tax year, while providing businesses incentives to hire more workers and invest in their health care and pension plans.
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Clarifying tax savings on vacation homes
Taxpayers are entitled to claim deductions for their principal residence and one vacation or second home. Except for unusual situations, the ownership tax breaks for a primary residence are generally limited to the mortgage interest and property tax deductions.
However, tax savings from owning a second or vacation home are a bit more complicated and are often greater. Depending on your personal-use time, and with some advance tax planning, your vacation or second home can produce significant tax savings.
FOUR TAX CATEGORIES FOR SECOND OR VACATION HOMES. Mortgage interest and property tax payments for your second or vacation home are always tax-deductible. However, if you own a third home, it does not qualify for the mortgage interest and property tax deductions unless it is a rental property.
Your personal use time determines which of the four categories apply to your second or vacation home:
1. NO PERSONAL-USE TIME. If your second home was rented or available for rental during all of 2006, with zero personal-use time, it is treated as rental property. Even if you occupied it a few days while making repairs, your second home falls into this desirable category.
The tax result is your rental income and expenses are reported on Schedule E of your income tax returns. Don't forget the non-cash depreciation deduction for wear, tear and obsolescence, which can result in substantial tax savings, either in the current tax year or "suspended" for use in a future tax year.
Applicable deductible expenses in this category include mortgage interest, property taxes, insurance, homeowner association fees, utility bills you paid, repairs, and depreciation. You can also deduct reasonable "ordinary and necessary" travel expenses to inspect (but not occupy) your rental property, even it is in such remote hardship locations as the U.S. Virgin Islands, Puerto Rico, or Hawaii.
When you hire a professional property manager to rent vacancies and collect rents, to claim the deductions specified above you must "materially participate" in managing your second home. That means it cannot be in a "rental pool" managed by others and you must own at least a 10 percent interest in the property.
Material participation includes setting standards for tenants, establishing the rent and approving tenants, even if the day-to-day management is left to others.
If you materially participate in managing your second-home rental and if your 2006 adjusted gross income is $100,000 or less, then you can deduct up to $25,000 of second-home tax loss from your other ordinary taxable income.
If your adjusted gross income is between $100,000 and $150,000, then your second-home tax loss gradually phases out. Above $150,000 adjusted gross income, you cannot claim any second-home tax loss.
But the good news is any unused tax loss exceeding the $25,000 limit can be "suspended" for use in a future tax year or when the property is sold to offset taxable gains.
However, if you are a "real estate professional" spending at least 750 hours annually on your real estate activities, then you can claim unlimited deductions from your rental property from your ordinary income. One spouse can qualify and need not hold a realty license, even if the other spouse works full-time elsewhere.
2. LESS THAN 14 DAYS OF ANNUAL RENTAL. If you rent your second or vacation home less than 14 days per year, in this tax category you can deduct your mortgage interest, property taxes and any uninsured casualty loss, such as water damage. But other expenses such as insurance premiums and repair costs are not tax deductible.
In this category, if you rent your second home less than 14 days per year, that rental income is completely tax-free and need not be reported on your income tax returns.
3. ANNUAL PERSONAL USE BELOW 15 DAYS OR 10 PERCENT OF THE RENTAL DAYS. This is the most desirable tax category for a second home. There is no limit to your tax loss deductions against your ordinary taxable income (except the $25,000 annual passive loss limit explained above). Rental income and deductible expenses are reported on Schedule E of your tax returns.
To illustrate, suppose you occupied your second home for 12 days in 2006 and you rented it to tenants for four months in the summer (or winter). Since your personal occupancy time was below 15 days per year, and below 10 percent of the rental days, you can deduct up to $25,000 of expense losses exceeding the rental income, including depreciation, from your adjusted gross income not exceeding $100,000. But Internal Revenue Code 183 says you must show a rental-activity profit at least three of every five years in this category.
4. ANNUAL PERSONAL-USE TIME OVER 14 DAYS OR 10 PERCENT OF THE RENTAL DAYS (IF RENTED MORE THAN 14 DAYS IN 2006). This category of heavy personal use and modest rental time results in the lowest tax savings benefits.
Rental income must be reported on Schedule E, along with the applicable rental expenses. However, in this category, any resulting tax loss when rental expenses exceed the rent collected cannot be deducted against ordinary income from other sources, such as job salary. But unused losses are "suspended" for use in future tax years so keep track of these unused tax losses.
The proper order for deducting second- or vacation-home expenses in this heavy personal-use category is mortgage interest, property taxes, uninsured casualty losses, operating expenses applicable to the rental period such as insurance and repairs, and depreciation for the rental period.
If mortgage interest, property taxes and uninsured casualty loss expenses exceed the rental income, they become itemized personal deductions on Schedule A of your tax returns.
CONCLUSION: Second or vacation homes are not great tax shelters, but they can save significant tax dollars while the property usually appreciates in market value for future resale profits.
A possible tax benefit, when you are thinking about selling your second or vacation home, is to move in to convert it to your full-time principal residence for at least 24 of the last 60 months before its sale. Then up to $250,000 principal-residence-sale capital gains will be tax-free (up to $500,000 for a qualified married couple filing joint tax returns in the year of sale). Full details are available from your tax adviser.
From Bob Bruss publications
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MAJOR TAX SAVINGS FROM REALTY INVESTMENT PROPERTY.
Although the high, runaway-market-value appreciation rates of the last few years for residential properties has shifted to a "plateau" in most cities, long-term realty investing still provides major tax benefits for owners who "materially participate" in operating their properties.
Although federal tax law requires "material participation" by investors who want maximum tax savings from their realty investments, they can still delegate day-to-day operating details to a property manager. Owners who make the major decisions, such as setting rents, establishing rental rules and authorizing major expenditures, easily quality.
However, an investor who owns less than 10 percent of a property partnership does not qualify, nor do owners of REIT (real estate investment trust) stock and owners of vacation homes who have their properties in "rental pools" managed by others.
Investors who meet the ownership and material participation tests can deduct up to $25,000 of their "passive activity" investment property tax losses from their ordinary taxable income up to $100,000 annual adjusted gross income (AGI). For realty investors with AGI between $100,000 and $150,000, the deduction gradually phases out to zero above $150,000 AGI.
Fortunately, most of these so-called tax losses are not actual cash losses. Instead, they are "paper losses," usually from the depreciation tax deduction for estimated "wear, tear and obsolescence" of the building.
Residential real estate is currently depreciated over 27.5 years, and other realty is depreciated over 39 years. Personal property used by tenants, such as appliances and furniture, has a much shorter depreciable useful life. But land value is not depreciable.
Investors who find they can't offset their rental property tax losses against their AGI must "suspend" those unused losses. IRS Notice 88-94 says these unused suspended losses can be used in future tax years on an aggregate basis, rather than property-by-property, when selling.
HOW TO CLAIM UNLIMITED INVESTMENT PROPERTY LOSSES.
There is a little-known, perfectly legal way to claim unlimited investment property losses against your AGI regardless how much you or your spouse earns. The solution is to become a "real estate professional."
Real estate brokers, realty sales agents, property managers, builders, contractors and leasing agents clearly qualify if they work at least 750 hours per year (about 14 hours a week) on their real estate activities.
However, realty investors also can qualify as "professionals" entitled to the unlimited investment property deductions against their ordinary income if they spend at least 750 hours per year on their investment activities. Either spouse can qualify. A real estate sales license is not required.
For example, suppose a married physician's AGI is $500,000. Normally, he would not be entitled to any property loss deductions because his AGI exceeds $150,000. However, if his wife manages their real estate properties from their home and she spends more than 750 hours annually supervising the properties, making management decisions, inspecting properties for possible purchase, and supervising property sales and exchanges, they qualify. The result is the physician and his wife can claim unlimited property loss deductions from their properties because the wife qualifies as a "real estate professional."
HOW TO AVOID TAX WHEN SELLING INVESTMENT PROPERTY.
Although most investment real estate offers many benefits already listed, when the property is sold Uncle Sam (and most states) are waiting to collect capital gains tax. In addition, Uncle Sam imposes a special 25 percent "depreciation recapture" tax for the portion of capital gain attributable to depreciation deductions enjoyed by the owner.
However, there are several ways to avoid these taxes. The "ultimate tax shelter" is to die while still owning a depreciable property. Uncle Sam will be so distraught upon learning of your death he will waive any capital gains and depreciation recapture tax that would have been due if you sold the property before you died.
But a more acceptable way to avoid capital gains and depreciation recapture tax is to make a tax-deferred Internal Revenue Code 1031 exchange for another investment or business property of equal or greater cost and equity. Personal residences are not eligible. But cash or "boot" such as net mortgage relief taken out of such an exchange is taxable.
However, savvy investors can make a tax-deferred IRC 1031 trade of their rental property for another qualifying rental property, perhaps an ultimate "dream home," and later convert it into their personal residence. Most tax advisers recommend renting the acquired property at least 12 months to show rental intent before converting it to the investor's home.
After owning the acquired rental property at least 60 months, 24 months of which it is occupied as the owner's principal residence, then the owner can sell it and claim up to $250,000 tax-free profits (up to $500,000 for a qualified married couple filing a joint tax return in the year of home sale), thanks to Internal Revenue Code 121.
SUMMARY: Owning real estate investment property provides many tax benefits, both during ownership and at the time of sale or tax-deferred exchange. Most rental properties appreciate in market value over the long term and offer many additional tax benefits. Full details are available from your tax adviser.
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