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If you don’t say anything, you won’t be called on to repeat it.
- Calvin Coolidge
Real Estate
Eileen M. Day REALTOR
MORE TAX BREAKS FOR
SELLERS
Starting with sales of residences after Sept. 30th, 1988, home sellers over 55 may be entitled to escape tax on up to *125,000 of gain on the sale of their home even though they haven t lived there the required 3 out of the 5 years before the sale. During the 5 years preceding the sale, the taxpayer must have become so incapable of caring . for himself that a stay in a nursing home (or other facility) is required. In this case, only one of those previous 5 years of ownership is required.
The 'Rollover" rule deferring tax on the gain from the sale of a principal residence (as long as you roll over the sale into a new residence within 2 years before or after the sale), has also been liberalized. Before the new law, the surviving spouse could MOT get the break if he or she was widowed AFTER the sale but BEFORE the purchase of the new home. This requirement has been eliminated retroactive to 1/1/85. Thus, some sellers may be entitled to a refund of capital gains tax.
If there is anything we can do to help you in the field of real estate please stop in at EILEEPI M. DAY, Realtor, the Clopton house, Washington. Va. 22747. Phone 675-3033. We re here to help.
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