Commentary, news and reflections about
this taxing life, by Vernon Jacobs, CPA.
Jacobs is the co-author of Legal Ways to Save Taxes Offshore & Onshore, of Offshore Tax Strategies, of The Controlled Foreign Corporation Tax Guide and of Risk Management for Amateur Investors. He is the Editor & Publisher of the International Wealth Protection Monitor newsletter and the free Q&A service, the Jacobs Report on International Financial Planning. He is the President of Offshore Press, Inc. and is a member of the International Tax Technical Resource Panel of the American Institute of CPAs. He has been a CPA since 1962, with a focus on taxes since 1975. .
The All American Tax Shelter
If you are inclined to be a do-it-yourself
owner and don't mind getting a little dirty from landscaping, painting,
wallpapering, plumbing, and related chores, you can make a sizable
tax free income by fixing up run down residential properties. The only
that you must live in the property for at least two years. If you have
capital to buy very expensive properties, your tax free gains can be as
$250,000 for single taxpayers or $500,000 for joint returns, every two
In addition, the interest on a loan to buy the property should be deductible for loans of up to $1 million. The real estate taxes are deductible and most of the money spent fixing up the home will be deductible when the home is sold.by Vernon Jacobs, CPA
Co-author of Legal Ways to Save Taxes Offshore & Onshore
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Jacobs is the co-author of Legal Ways to Save Taxes Offshore & Onshore, with J. Richard Duke, JD, LLM.