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Real Estate t§i
Eileen M. Day REALTOR
ACCORDING! TO CTAf
The American Institute of Certified Public Accountants, puts home ownership at the top of ways still left to shelter Income. According to the Institute, a second home Is almost as good a tax shelter as the primary residence. Both can bring deductions on mortgage Interest for up to *1 million lor acquisition or Improvement, and up to *100,000 for loans secured by the home and used for other purposes. (These are overall - not per home limits). Also, state and local real estate property taxes continue to be deductible.
While living In your home, you can enjoy ‘free rent* - there Is no Imputed return of Investment which might be considered a form of taxable Income. Any capital gains when you sell your primary home Is not taxed, provided you replace the home with another costing at least as much. If you are over 55 when
r! sell, up to *125.000 of gain
tax exempt. Plnally. If you leave the home to your heirs, the gain wont be taxed at all for the heirs assume ownership with a stepped-up fair market value.
If there Is anything we can do to help you In the field of real estate please stop In at BILCCH M. DAY. Realtor, the Clopton House. Washington. Va. 22747. Phone 075-5053. We re here to help.
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