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Show page A8 Tuesday, October 15, 1 996 Davis County Clipper Senior citizen events planned IRS rules clear on whats allowed on homeseller profits Activities at the Golden Years Center include: Wednesday Oct. 16 8:30. Aerobics 9. Ceramics 9. Silversmith 10, Writing class 12, Grid Support Group :30. :45, 12:30, 12:30. Steve 'Vaneev, piano Lunch, roasl lurkeydressing Bingo Ceramics Thursdav, Oct 17 8:30 Tap Aerobics 8:30. Lapidary 9. China painting .45, Lunch, v egetable heel stew 12.30. Movie Aladdin and the King ol Thieves 12:45, Shopping Friday, Oct. 18 8:30, Aerobic 9:30, Line Dancing 10:30, Golden Oldies Band and Dancing 11:45. Lunch. chicken tumovergrav y . Monday, (K-t- 2 1 8:30, Aerobics 9.30. Line Dancing , - i ia ihh :30, Organ by Garvine 11:45, Lunch, baked ham with raisin sauce Noon, Meet your candidates I, Oil painting 4. Yoga Tuesday, OcL 22 8:30, Lapidary 8:30, Tap Aerobics 9. Woodcarving :30, Organ, Don Tidwell :45, Lunch, crab cakecocktail sauce 2:30, AARP meeting Don't forget Yoga every Monday afternoon at 4 p.m. Come give it a try. A second line dancing class has been started and is held from 0 a.m. The next Wendover experience will be Monday, Oct. 28. Sign up now while there are several seats available. Come in and make your reservations 1 1 1 9:30-10:3- soon. The Defensive Driving Course is becoming a very popular class. The next class will be Monday 12:30-4:3- 0 and Tuesday, Oct. is The cost $8 p.m. payable to AARP at the first class. Most insurance com la 28-2- panies offer a discount on your premiums after you complete the course. Call the center now to make your reservations. On Wednesday. Oct. 9 there will be a writing class. Barbara Jeppson, a noted Davis County teacher will direct the class at 10 a.m. Plan now to meet your candidates. To be better informed as to how the state legislators and county hopefuls plan to treat senior citizens. Candidates are invited to lunch at the center on Monday, Oct. 2 Flu shots are being offered on Thursday, Oct. 24 from Reservations are necessary. The cost will be $3 for everyone. If you wish Medicare to pay you may gel your shots from your doctor or the local 1 The sale of your primary residence for tax purposes under the 1034. Under this rul is treated IRS Sub-Secti- fix-u- . 8:30-11:3- hospital. The next health screening will be Friday, Oct. 25 from 9 a.m. to noon. Appointments are a must and please come fasting for your appointment. Come celebrate Halloween, the holiday of choice for many at the center for lunch. is ii w11 g" & i? i? ik i) that cost at least as much or more than the one you sold. The price may be adjusted by subtracting the cost of sellp fees. If you ing the home and sold your home for $200,000 and your sales fees were $15,000 and fix-u- p cost were $2000 your adjusted gross would be $183,000. The IRS will allow a one time exemption on the gain of the sale of your primary home. You may exempt up to $ 25,000 if you have owned the home for at least the last five years and have lived in it for three of those years. Either husband or wife must be 55 years of age. Can each a husband and wife take the one time exemption? No. Suppose your spouse passed away e after you took the exemption or before you took the exemption and you remarried. Your new spouse owns a home and has not taken the exemption. May he or she take the exemption now? No. The law is very specific. If ing you have 24 months after the sale of your primary home in which to reinvest in another home. Do you have to invest all the proceeds of the sale back into your new home? No. If you are VA qualified you do not have to invest anything other than closing cost and the seller may pay these cost for you. You can take the money from the sale of your primary home to Las Vegas if you wish. I wouldn't recommend that course of action. Investing in investment property would be a safer bet. You are required to reinvest in a home one-tim- the spouse wishes to take the exemp a ikis is a s in p v :2" tv & ims satellite RCA 32" COLORTRAK PLUS TV VHP Picture Tube Master Touch Universal Remote WMIIM T PROSCAN Commercial Skip 80" THERE'S NO BIGGER OR BETTER EXPERIENCE BOTH FOB Advanced Tubes For a Picture That's 50 Brighter than Conventional Tubes Dolby Pro Losic Surround Sound ONLY ProScan Picture-Outsid- e So advanced. 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Twin Tuner rtSSi I RCA DSS Satellite Dish Compact 18" Satellite Dish Advanced Prosram Guide System On-Scree- PIX mannria ik su tion this must be done prior to the marriage. I've had some questions about the 03 that I would like to address at this time. Capital gains is 28 percent. And this wouldn't be too bad if you only had to pay on the gain without adjusting the cost basis of a property. For example, you paid $80,000 for a home and sold it for $ 00,000. 28 percent of $20,000 would be $5600. However, that is not the way it works. To the $80,000 you must add the cost of capital improvements; new roof, new fence, new furnace, etc. Let's say these costs are $20,000. Now you have a taken a depreciation on the property of say $40,000 over the time you have owned the home. This must be subtracted from the cost. This leaves you an adjusted basis of $60000. Now you sell the property for $100000. This leaves you with a gain of $40,000. Now 28 percent of $40,000 is $ ,200. 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