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Eileen M. Day realtor
REAL ESTATE
TAX SHELTER
The largest investment most people make in their lives is the purchase of a home. If that home is sold, the profit realized could be the largest return on investment experienced in a lifetime. Even if you or your spouse is not yet 55 years old — when you affe eligible for the one-time $125,000 tax exclusion on sale of your residence — you can defer all federal income taxes on the sale of your home.
When your principal residence is sold, tax on any profit you make on that sale can be deferred, i.e. not paid presently, if you invest, within a two year period, at least as much money as you received from the sale of your old home in a new home. This may be done over and over again. There is no one-time use limitation on this tax savings device as there is with the $125,00 exclusion for persons over 55 years old.
Once you or your spouse is 55 years old, and you wish to sell your home, you can still use the $125,000 exclusion, completely avoiding part or all taxes on your previous home investment gains!
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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