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ROLLOVER VS.
$125,000
EXCLUSION
What is the difference between a rollover and the $125,000 profit exclusion? The rollover is a means of deferring payment of any capital gains tax if you sell your principal residence and buy another (within two years) for more money. There is no limit on the number times you can use this deferment, There is no age limit involved.
With'the other great tax break, you can elect to exclude up to $125,000 in taxable profit from the sale of your principal residence — whether or not you buy another home. This exclusion cain be used to wipe out the tax on your immediate profit plus the gains from other sales that have been rolled over each time you sold. However, it can be used only once in your lifetime.
To qualify for the $125,000 exclusion, you (or your spouse if you own I your home jointly and file a joint return) must be at least 55 the day the sale becomes final. The home must have been your principal residence for at least three of the five years preceding the sale.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
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