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Show J H CUBLER & -e-- 380 WEST 0 NORTH- ASSOCIATES wu,wm K&I -N A JOSEPH H. CUBLER JAMES M. WILSON Sale of Residence (Under New Tax Law) There are two changes in the tax consequences of selling your principal residence (the home in which you spend most of your year). The first has to do with the length of time permitted per-mitted to replace the sale of a personal residence. For all residential sales after January 21, 1980, you have 24 months to replace it and still qualify for the deferment. The prior time limit wi s 18 months. For example, if you sell your iesidence for an "adjusted sales price" of $80,000 on January 22, 1980, or later, you'll have 24 months to buy a new residence for $80,000 or more. The adjusted sales price (the price at which you must replace) is your total sales price less your selling expenses for realtors, attorneys, title insurance, etc. You are not entitled to a reduction for mortgage balances due. The second change under the new tax act is for taxpayers, age 55 or older who have owned and occupied their homes for three of the five years prior to selling their principal residence. For all sales after July 20, 1981, the excludable gain is increased to $125,000 from the prior $100,000. Note that this refers to gain (profit) in the sale, and not the sales price. This means that a residence costing $100,000 could be sold for up to $225,000 and result in no income tax to you. Also, any sale up to $125,000 will be tax free regardless of cost, even if you take all cash on the date of sale. The election to use the age 55 exclusion should be carefully reviewed. It is a "one time" election and if you use only a portion of your total exclusion the balance is unavailable to you. Therefore, taxpayers tax-payers anticipating replacement residential property at any future date should take a look at retaining this election for future gain purposes. Something for Evoryono BENNETT'S 5 A ' 4P ;,; , s PAINTS' GLASS LJ , GLOSS IV.A I V J 71 f-1 1 i-1 Our quality semi- 1 UJJJLJJJ r"VJU Jl , -JV V- J I I gloss latex for use I BPllUCTT' V . I L-M 1J n tSSSSS $ REGULAR RETAIL PRICE , Scrubbable, fast "Ifrt i1i drying. REG. $19.75 rTT M T ftTlS'f F UK RUBBER LATElf FLAT TOTi Our best flat latex. Drys to a I fitkKW ouJ 5 7" rich velvet, scrubbable SmA I BENNETT U- rJ U U finish. Cleans up with ' " ' V I ' urii y r water. Choose from nun- I tm(TY(' EXTERIOR REG- $22-60 dres ' ??'0 & HOUSE & TRIM Sale $17.65 INTERIOR SEMT Our finest oil base S JICC GLOSS ALKYD ENAMEL Sale house paint. Non- 1nOw Our premium semi- JIOC chalking, excellent llZm gloss enamel oil kinkO 5 hide, weather mmmmm base. Easy brushing, UXmr resistant. Choose scrubbable. Drys to a REQ $21 85 from hundreds of hard durable finish. colors. PLUS 1 I II 1 REGULAR SALE PRICES f C fA CZl CT RETAIL ON BRUSHES, I J J p j-1 PRICE ROLLERS, CAULKING, J U U BBQ SPRAY, SCRAPER, . A $4n65 $ 440 SPRAY GUN AND MUCH, lO lO MUCH MORE! EL RANCHO c 9 I EXTERIOR STAINS I jj-j,, Quality El Rancho Exterior stains in many popula- I 1 1 ' r"l co,ors are available in tough acrylic latex and I 3 1 I t oil base s0,id co,ors' I u LJ -.fa'Lg Also available in semi transparent colors that I I BENNETT) penetrate the exterior wood to protect and I I lJ K'Jv accent the grain. m . 1 u REG. From $14.65 to $17.40. 'I Bennett's Cedar Glass & Paint 298 N. Main Parowan 477-8056 680 N. Main Cedar City 586-9422 Sofa Sleepers Double and Queen Now on Sale While selection is good Double- fifl $25-$100off Queen SSl Sleeper &sP Love Seat xfiltilP Combinations . 1 140 South Main Street, Cedar City, 586-3234. |