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Real Estate ®
Eileen M. Day REALTOR
TAX DEDUCTION
OPPORTUNITIES
The family home is still a sweet tax shelter With fantastic opportunities for tax deductions. The biggest, of course, is the mortgage interest deduction. 'Acquisition indebtedness' is the tax term describing money you borrow to buy, build or substantially improve your principal or second home. You can deduct all the interest you pay on up to $1 million dollars of acquistion debt.
Interest on up to $100,000 on home equity loan debt - whether via refinancing, a second mortgage or a home equity line of credit is fully deductible, no questions asked, as long as the loan is secured by your principal or second home.
When you sell, you defer paying tax on any profit if you buy another home of equal or greater value within 2 years before or after the sale. When you reach age 55, you won t have to pay taxes on up to $125,000 of profit on the sale of your principal residence. This is a once-ln-a-lifetime exemption and you must have lived in the home for at least 3 out of the last 5 years prior to the sale.
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 675-3033. Were here to help.
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