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However, you CAN carry over to a succeeding year any deductions that are knocked out by tiie gross income limit. Until the new law c hange, if your home was no longer used as a residence during the succeeding year, there was no limit on the carriedover deduction.
The new change cuts back on this break for homeowners. Retroactive to hi 80, the gross income limit is now imposed on any carriedover deduction regardless of whether or not vour home is still used as a residence.
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 1575 3033. We re here to help.
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