People currently in the market for a house caught a break, at least for a few more weeks, when the Federal Reserve recently decided to keep short-term interest rates at their rock-bottom levels.

The Fed's decision doesn't directly dictate mortgage rates, but there is a correlation between the two. So, 30-year loan rates should remain right around 4 percent until the central bank feels that the economy, both at home and globally, is strong enough to handle higher loan costs without cratering.

But there's another time-sensitive factor favoring active buyers right now: According to new research from RealtyTrac's prolific economics department, October is the month to get the best deal on a house. If you can't pull the trigger this month, December, January and February are also good times to buy.

RealtyTrac, a real estate data firm, analyzed more than 32 million single-family and condominium home sales since 2000, and found that during that span, the 2.7 million buyers who closed on their loans in October netted an average sales price that was 2.6 percent below the average estimated full market value.

Not only that, but the best day of the year to buy, according to the analysis, is Oct. 8. Of the 356 days in the year with sufficient sales data, the best bargains occur on Oct. 8, says RealtyTrac, when the buyers' home purchases are 10.8 percent below estimated market value, on average.

If you miss that date, you should do pretty well -- at least statistically -- if you close a week later, on Oct. 15 (an average of 9.1 percent below market value) or Oct. 22 (9.6 percent). And if you can't move that fast, then Nov. 26, Thanksgiving Day this year, will net a price 10.1 percent below full value, and Dec. 31, New Year's Eve, will result in a sale that's 9.6 percent below market.

Since it's tough to match a contract to a specific closing date, especially when two of the best days are holidays this year, let's take a closer look at the best months to buy.

After October, February is the next best month. Buy in February, and the statistics say you should come away with a deal that's 2.4 percent below the estimated market value of your new place.

July, December and January are all also good months to buy, according to RealtyTrac.

Notice that July is the only summer month on the "best months to buy" list. While conventional wisdom has it that spring and summer are typically the best buying seasons, it turns out that winter takes the prize. Surprise, surprise!

The reason: less competition -- on both the buying and selling sides.

O.B. Jacobi, president of Seattle-based Windermere Real Estate, told RealtyTrac that his agents often advise sellers to take their homes off the market until spring for two reasons: the dreary weather in the winter and the significantly shorter days. Those issues make it a challenge to present homes in their best possible light.

But at the same time, Jacobi said, "we tell our buyers that (winter) can be a very opportune time for them, because sellers who keep their homes on the market through the holidays are often motivated to sell. There also are typically fewer buyers in the marketplace, so there is less competition for homes."

Anthony Rael of RE/MAX Alliance in Denver agreed. "Many buyers who may have spent the past six months competing and coming up short may be rewarded in the fall and winter months, as more inventory should provide them with more choices and, hopefully, less competition," said Rael.

For what it's worth, April is the worst month to buy, but the best month to sell. Over the last 15 years, buyers who closed in April paid an average of 1.2 percent above the estimated market value. But of course, that means sellers netted a 1.2 percent premium.

April, by the way, is the only month of the year when sellers have a net gain.

The best day of the week to close is Monday, followed by Friday. Thursday is the pits, apparently.

Of the 5.5 million sales closed on a Monday over the last 15 years, buyers realized an average discount of 2.3 percent. On Friday, the discount based on the sales over that period was 2 percent. On Wednesday, it's 1.4 percent, and on Tuesday, 1.9 percent. On Thursday, the discount was only 1 percent.

For buyers, the bottom line is this: Get on your horse. RealtyTrac's analysis shows that there are definitely better months and days to buy, and the top five days are coming up -- along with four of the top five months.

Sellers, on the other hand, may want to consider waiting until spring if they want top dollar.

Tax time is still months away. But if you sold your house during this summer's selling season -- or plan to sell in the next few months -- it's a good time to familiarize yourself with the tax consequences of your transaction.

In most cases, the gain on your sale is taxable. But you may not have to pay taxes on a large part of your profit, and you might pay no tax at all.

If you owned the home and used it as your principal residence for at least two of the five years prior to the date of the sale, Uncle Sam allows you to exclude part or all of your gain. The two-year period need not be continuous, either; all you need is 730 days out of the previous five years.

How much you can exclude depends on how you plan to file. If you are married and filing jointly, you can exclude up to $500,000 of your gain. But if you are filing as a single person, the limit is $250,000. If you sell your house for a loss, whatever money you receive is not taxable. But the loss cannot be deducted from your other income.

There are a whole bunch of exceptions to the capital gains rule regarding principal residences. For example, if a marriage, separation, divorce or spouse's death occurred during the home's ownership, or if you moved because of work, health or an unforeseeable event, these could affect your taxes. Read over IRS Publication 523, "Selling Your Home," for more detailed information.

To determine your capital gain, subtract your cost basis from the selling price.

Cost basis is more than the price you paid for your house. It also includes certain settlement fees, closing costs and commissions associated with the purchase, as well as the sale of the property.

Add to this the cost of significant capital improvements you made to the house. This does not include repairs, like fixing a plumbing leak; rather, it is something that adds value to the place, like a new deck, an addition or improved landscaping.

All of the improvements you've made over the years will increase your cost basis, which will, therefore, lower your potential tax liability.

At the same time, several things can go toward reducing your cost basis. A lower basis will boost your profit, and possibly your tax. Among other things, the depreciation you claimed for your home office will have to be reclaimed in this manner, as will tax credits for energy-related improvements.

This is somewhat tricky, so let's review:

Add what you spent for the house, say $250,000, and improvements of $92,500, for a total of $342,500. Now deduct for $50,000 for depreciation, and you get a total cost basis of $292,500.

Next, from your selling price, say $875,000, subtract $55,000 in commissions and fees for a gross profit of $820,000.

Finally, subtract your cost basis from your gross profit, for a total capital gain of $527,500.

In this example from Charles Schwab, after taking the $500,000 capital gains exclusion for you and your spouse, you owe capital gains on $27,500.

The IRS "Selling Your Home" document includes a great worksheet that will help you do the math on all this. But it should quickly become evident that you need to have kept good records if you expect to minimize the tax bite from selling a house -- not to mention prove to the government that you didn't fudge your numbers. So if you didn't do so for this house, do yourself a favor and do it for the next one.

One of the tax benefits taken by people who purchased their first homes between 2008 and 2010, the first-time buyers' tax credit, may have to be paid back. If you were a rookie buyer in 2008, the entire credit must be recaptured when you sell that house, unless you qualify for an exception. If you bought in 2009 or 2010, you don't have to pay back the credit unless you sold or gave up the place within 36 months of taking ownership. See IRS Form 5405 for details.

If your gain from selling your house is not taxable, you need not report the sale to the IRS on your tax return come next April. But if you can't exclude all or part of the gain, or if you choose not to claim the exclusion, you must report the sale on your tax return.

You should have reported your new address to the IRS when you moved. If you haven't done so already, fill out IRS Form 8822.

All of the publications and forms mentioned here are available, for free, at irs.gov.

And finally, realize that none of the above applies to rental and vacation properties, which are another ballgame entirely. Those are covered in IRS Publication 527.

Wildfires like those that engulfed many areas in the Western states this summer can't be prevented, for the most part. But there's plenty homeowners can do to protect their properties.

And don't think you shouldn't be bothered: About a third of all houses in the United States are located in what fire safety officials call wildland urban districts, which are near or among areas prone to wildfires. According to the latest Natural Disaster Housing Risk Report from RealtyTrac, moreover, 13 percent of all single-family houses -- some 10.6 million houses and condos -- are located in counties with a "high" or "very high" risk for wildfires.

Over the years, wildfires have ravaged houses in three-fourths of the states. And with more and more people choosing to reside farther from urban centers and closer to nature, the chances are greater than ever that someone you know -- maybe even you -- will lose a house to fire.

Already this year, more than 45,000 fires have burned some 8.6 million acres, according to the latest count by the National Interagency Fire Center in Boise, Idaho. The majority of those fires have been in the West, but fires have raged practically everywhere.

For example, the worst drought in North Carolina history set the stage for an awful wildfire in 2008, when a lightning strike ended up scorching 41,500 acres. In Georgia a year earlier, nearly 470,00 acres burned and 26 structures were lost in that state's worst fire. And in Florida in 1998, 4,899 fires took out half a million acres and 342 houses.

Wildfires are covered by standard homeowner's insurance policies. But the best insurance is prevention. Here, gathered from a number of sources, are some steps you can take to protect your house and improve its fire resistance.

-- Choose a firewise location. Canyons may offer a beautiful view, but they tend to act as chimneys, drawing the fire up and accelerating the speed at which it spreads. A level site is better than a sloped one. A grass fire moves up a slope four times faster, with flames twice as high as a fire on level ground, because hot gases rising in front of the fire preheat the up-slope vegetation.

If you're building new, you can avoid this kind of topography. Also, find out about prevailing winds, seasonal weather conditions and the local fire history, so you can plan your landscape accordingly.

If your place is already up, go to work on your surroundings so the landscape will not bring a fire to your door. Do this by creating three safety zones, the extent of which will depend on your property lines and your risk. In high-risk areas, 200 feet away from the house may not be enough.

The first zone should be a well-irrigated area that circles the structure for at least 30 feet on all sides. If your house is on a slope, though, a clearance of between 50 and 100 feet may be necessary, especially on the downhill side of the lot.

Plantings in this area should be limited to carefully spaced indigenous species. Beware of "ladder fuels": vegetation that serves as a link between the grass and treetops and enables the fire to climb into trees or onto your house.

Trees and shrubs are fine in the first zone, as long as dead or low-hanging branches are removed promptly and the height of ground vegetation is controlled. But the more grass, the better, because a wide lawn can serve as a fuel break just as much as a driveway. Ditto for plants with a high moisture content.

Your irrigation system also should reach the second zone, which can contain a limited number of low-growing plants and trees spaced at least 10 feet apart. Dead or dying limbs should be trimmed away, and no live limbs should come within 10 feet of the structure. On trees taller than 18 feet, prune away branches that are less than 6 feet from the ground.

In zone three, thin selected trees and remove highly flammable vegetation such as dead or dying shrubs and trees.

-- Plan another line of defense. The survival space you construct around your house should keep all but the most ferocious wildfires at bay. But if one does happen to break through this protective zone -- usually from wind-blown embers or firebrands, sometimes more than a mile away -- ignition is most likely to occur on the roof.

Fire officials say eye-catching, untreated wood-shake roofs are the No. 1 cause of home losses in wildland areas because they can catch wind-blown sparks. If local rules allow, a better choice is factory-treated shakes. But consider using such noncombustible or fire-resistant roofing materials as Class A shingles; metal, cement and concrete products; or slate, metal or terra cotta tiles.

Fire-resistant sub-roofing also can improve survivability. But don't be fooled into thinking an expensive roof sprinkling system will stop a fire. You need a large volume of water to make a roof safe, yet water pressure is generally at its lowest during a fire. Also, the electricity needed to run the system is likely to fail, and the high winds that usually accompany a wildfire often divert the spray away from the roof.

Walls, too, should be made of fire-resistant materials such as stucco or masonry. Vinyl can soften and melt during a fire, offering little or no protection.

If you're building a new house, minimize the number and size of windows on the downhill side, the side most likely to be exposed to a fire. Smaller windows perform better than larger panes in high heat, according to the National Association of Homebuilders Research Center, and double-pane or tempered glass are each more effective than single-pane glass. For greater protection, windows, sliding glass doors and skylights should have nonflammable screening shutters.

To prevent sparks from entering your house, screen your chimney with noncombustible wire mesh. Also cover exterior attic and under-floor vents with wire mesh -- plastic or nylon screening will melt -- no larger than an eighth of an inch. Screen under your porch, too, as well as any other areas below the ground line.

Also, locate your under-eave roof vents near the roofline rather than near the wall to prevent heat or flames from becoming trapped inside. For the same reason, the eaves themselves should be boxed or designed with minimal overhang.

Finally, inspect your house occasionally, looking for breaks and spaces between roof tiles, warping wood or cracks and crevices in the structure where fire or sparks could enter.