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Real Estate ^
Eileen M. Day REALTOR
VACATION HOUSE
& TAX DEFERMENT ; Among the benefits of being a homeowner are the unique tax advantages available. One of them to be wary of is the provision which allows you to defer paying income lax on any profit made from the Jale of your home if you buy a jnore expensive one within a certain amount of time. It does not apply in all cases. . For example, if you sell a vacation home at a $50,000 profit and promptly buy a much more expensive place, can you defer paying the income tax on the profit? The answer is no! ’ This tax break is available only when both the house sold and the house purchased serve as your principal residence. A vacation house doesn’t qualify. However, pnder the latest tax law, ownership of a vacation home allows you a big tax break. Second homes qualify for the tax deduction of mortgage interest and property taxes. These can be large deductions. 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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