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Real Estate g
Eileen M. Day REALTOR
UNTOUCHED TAX BREAKS QUESTION: Have homeowners lost all of their tax breaks under the latest Tax Reform Act? ANSWER: Not by a long shot. In fact, home ownership remains one of the best tax shelters left in the Tax Reform Act. There are four major tax breaks for homeowners which the law did not change.
1. Property taxes remain fully deductible.
2. Interest paid on the mortgage for both primary and second homes remain fully deductible. This is a major concession to homeowners as mortgage interest is normally the largest deduction for the average family.
3. A homeseller can continue to avoid current tax on the sale of the primary home by spending the proceeds on the purchase of another home within a two-year period before or after the sale.
4. Homeowners over age 55 still h?*e the one-time exclusion of the
lflfst $125,000 of profit when selling the primary home whether he replaces the home or not.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3003. We’re here to help.
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