Tax savings beyond property exchanges

Real estate news By Bob Bruss publications
Feb 27, 2007, 4:00 am PST

If you own your home (or want to) and/or investment real estate but don't fully under its tax benefits, "Selling Real Estate Without Paying Taxes, Second Edition" by attorney Richard T. Williamson shows how to maximize your tax advantages. Emphasis is primarily on avoiding taxes when selling real estate, but the author also emphasizes the importance of the noncash depreciation deduction for owners of investment buildings.

This book is for homeowners and investors who need more than basic tax information about avoiding tax on home sales and tax-deferred exchanges. Williamson provides superb explanations of how to use private annuity trusts, charitable remainder trusts, and even tax-free IRA (individual retirement account) investments to accomplish financial goals while avoiding taxes and planning for retirement.

Purchase Bob Bruss reports online. Investors who are tired of property management but want to continue enjoying the real estate income and tax advantages will be especially interested in the brief chapter explaining how to make a tax-deferred trade into a management-free tenant-in-common (TIC) investment property. This well-organized book provides simple explanations of sometimes-complicated tax concepts, such as the tax-deferred-exchange rules and the $250,000 and $500,000 sales-exemption rules for primary residences. Without getting technical, the author helps readers understand these important tax-avoidance rules.

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