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Regular Sales
Every Tuesday
HORSE SALE
2nd Sat., 10 a.m., Every Monift
STATECaRADE
FAT CATTLE
1st Tues.,1p.m. Every I In addition to our regular sales ... 2nd Tuesday of each month, we have a State Graded Feeder C Sale -Consignments Welcome,
For further information call 364-1566
1 mile east ot Marshall on Rt 55
Real Estate i
Eileen M. Day REALTOR
HOW TO SAVE TAX ON SALE
There are two conditions that can save you tax dollars on the profit from the sale of your principle residence. If you or your spouse are over 55. the IRS allows a one-time tax exemption of *125,000 of capital gain on your primary residence if you have lived there three out of the last five years prior to the sale. That's right, up to *125,000 Is tax-free to use as you please.
Most sellers defer paying taxable gains on their homes by buying another principle residence of equal or higher value. Your new home must be purchased within two years before or after the sale of your old home. If the replacement home costs less than the one you sold, part of the gain could be taxable.
The new purchase should be a ’like kind' residence. Buying an income-producing property and living In part of It may not qualify for a full tax deferral. See your tax advisor If you have any questions. It is certainly worthy the money you could save.
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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