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Real Estate
Eileen M. Day realtor kss~sEXPENSIVE
PITFALLS
The $125,000 Federal income tax exclusion for the sale of the principal residence of persons over 55 years old can mean many thousands of dollars in tax savings. However, there are some important points to keep in mind:
This exclusion can be used only once, regardless of the amount of profit realized on the sale. If a $75,000 profit is excluded from taxable income on the sale of a home this year, you DO NOT still have $50,000 remaining which could be excluded on the sale of your next home. Once this tax savings device is used, it is lost forever, even if the entire $125,000 exclusion cannot be used.
Another thing to keep in mind is that the exclusion is not $125,000 per person for married couples for a total of $250,000. The most a married couple can exclude is $125,000.
A person over 55 who has never used the exclusion can lose it if he or she marries someone who has used the exclusion previously. If either the husband or the wife has ever used the exclusion, neither can ever use it again.
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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