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INCORPORATED
Regular Sales
Every Tuesday
HORSE SALE
2nd Sat., 10 a.m., Every Month
STATE GRADE
FAT CATTLE
1st. Tues.. 1 p.m. Every Month
1 Mile East Of Marshall ,Rt. 55
364-1566
Real Estate fg>
Eileen M. Day realtor sk.ss
WHEN NOT TO USE $125,000 EXEMPTION
Homeowners over age 55 may exclude from gross income any profit up to $125,000 realized on the sale of a principal residence. To qualify for the exclusion, you must be age 55 by the day the residence if sold, and you must have owned the property and used it as a personal residence for at least three of the preceding five years. This tax break can be used only once in a lifetime.
Does this mean that it ALWAYS makes sense to use this tax break if you sell a home for a good profit when you are 55 or older? Not necessarily. This exclusion was made primarily for a retiring couple to sell their old home and buy a small retirement home without having to pay significant capital gains taxes. If you are going to buy another home that will cost as much or more than your present one, it might make more sense to avail yourself of the rollover break which allows you to defer all the profit from the sale and which can be used as many times as you desire.
If there is anything we can do to help you in the field of real estate, please drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone: 6753400. We’re here to help.
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