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Special Report 03: Ten reasons the 1997 tax law benefits owner-builders - Electronic Edition

Special Report 03: Ten reasons the 1997 tax law benefits owner-builders - Electronic Edition
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Author: Mark A. Smith

[This is the Special Report 03 in Adobe Acrobat (PDF) Format. Our electronic products download immediately to your computer upon purchase.]


This is the law the U.S. Congress passed for you! Discover the surprisingly little known ins and outs of earning a huge freebie from Uncle Sam every time you owner-build. The rules have changed - know the rules. Six pages, revised and updated with new reader tips, web links and comments.

Topics Include:

  • Special benefits for owner-builders
  • What size house you must build
  • Financial effect of marriage
  • What if you rent out your house before sale?
  • How to use the law to build for a living
  • How to own your own home free and clear faster


Excerpt from Report:

"The Taxpayer Relief Act of 1997 was signed by Bill Clinton on August 5, 1997, and provides unheard of advantages to homeowners. In the old days, you had to wait until retirement to sell your house and get a tax break on your gains. That break had a limit of $125,000. The new law lets you sell your house at any time and keep the profits tax-free, up to a limit of $500,000 fora married couple.

The new law provides real advantages to an 'owner-builder', someone who saves money building a house by acting as their own general contractor. If you elect to contract your own home you will find the law holds ten special benefits for you:

1. You can take the tax break every two years.

This little provision in the law may not seem significant at first, but all by itself it can make owner-building a lucrative pastime. If your house is built the conventional way ? with a general contractor - you can?t make enough money in two years to get a benefit.

Your house will not appreciate fast enough to make a profit after two years. The 'in and out costs' of Realtor commissions and loan origination fees will eat up any gain appreciation gives you."...

Sample Reader Tip Excerpts:

I am in the process of trying to build one or two houses for sale every year. I am trying to find out how to go about it in terms of if it’s in my best interest to just pay taxes on the capital gains or to have all this under a LLC corporation. However, I am working on my contractor’s and building licenses. Any advice I get from you guys is appreciated. Thanks.
by Joseph in Stafford, VA

If you are building for profit as a business and not living in the home for two years you will have to pay capital gains taxes on the sale. I believe the current federal rate is 15%. A corporation and an LLC are two different types of business structures. You may want to talk to an accountant or an attorney about the advantages of each kind of business structure. You will need a relationship with an accountant as you launch your business anyway.
by Michael

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