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Real Estate Hi
Eileen M. Day REALTOR
POSTPONING TAX QUEqjTlQH: I am aware that If I sell my house for a profit. Unde Sam wants the Income tax due on this profit However, I heard that this tax could be postponed for years. How does this work? AnattER: You heard right! To qualify for this postponement you must build or buy another house within 24 months before or after you have sold your present one. You must pay at least as much or more for the new house as you got for the old. .
If you are building a new house to replace the one you are selling, you must occupy it two years after the sale to qualify for the tax deferral. If this is your case, it might be a good Idea to discuss with your attorney the merits of Inserting a penalty dause In your contract with the builder so that you will not suffer a loss if he fails to complete the house within the two year period.
Check with your accountant on details If this matter affects you. It oould be wen worth your while.
If there Is anything we can do to help you in the field of real estate please stop In at EILCCM M. DAY. Realtor, the Clopton House, Washlndon. Va. 22747. Phone <175-3033. Wete here to help.
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