Nuts and Bolts Guide: Your Home and Taxes

Details Published by H.E.L.P., January 1, 2008. Price: $10.00 (USA) (including USPS print mail shipping and any applicable sales tax). Continental USA sales and shipment only. Sample Page One (Acrobat Reader 5.0 or later) Background For many people, their home is their most important asset. They've worked hard to buy it, pay down the mortgage and keep it up to date. It's a major part of their sense of security. Federal and state taxes can have a big impact on a home, and informed action can save many thousands of tax dollars.

Description
Understand the most important home-related taxes. The plain-language guide covers

• Capital gains on sale of a home.
• The principal residence exclusion from capital gains taxes.
• The two-year ownership/occupancy rules.
• The magic of stepped-up basis.
• Comparing separate property to community property.
• Real property taxes and reassessment under California's Proposition 13.
• Avoiding reassessment for transfers to children and grandchildren.
• Avoiding reassessment by purchasing a replacement home.