Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 2 of 7 · from the scan, no model involved
Real Estate £§!)
Eileen M. Day realtor
HOME STILL GREAT
TAX SHELTER “ The current tax law closed many of the tax loopholes, but, alas, the homeowner still kept most of them.
Under the latest tax code, property taxes remain fully deductible. Gain on the home sale still can be deferred if a new home costing at least as much as the sale price of the old is purchased within two years of the sale.
HomeOwners age SS or older retain the once-in-a-Hfetime ability to recognize $123,000 of tax-free gain on the sale of the principal home.
Home office deductions are preserved but tightened so that, in effect, only net income can be sheltered. A home office deduction can no longer create a loss or increase an otherwise existing loss. .. . The tax break mother lode is that mortgage , interest payments on primary and second homes continue to be hilly deductible as long as the debt does not exceed the original cost plus improvements or up to the market value if the funds are used for education', or medical expenses.
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: 675
78.1%