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REDUCE TAXABLE SALE PROFIT If you sell your home and make a profit. Uncle Sam will expect to get a share of that profit in the form of income taxes. That is, unless you reinvest your proceeds in another home or are over 65. Therefore, those who profit from a home sale, put the check in the bank and rent an apartment, should not overlook any legitimate expenses which would reduce the size of the taxable gain. Expenses such as the Realtor’s commissions, deed preparation, legal and appraisal fees, and any escrow fees, can be taken off the top. So-called “ftx-up” expenses also can lead to tax savings. This ‘‘fix-up” work must be done during the 90 day period before the sale and payment must be made no later than 30 days after the sale. If tnere is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY,; REALTOR, Middle Street, Washington. Phone: 675-3400. We're here to help.
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