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Show , tOPIPts100101010IftwirorirtottlIMMOMMOPPR"Avr"INIkw.,,to 6C sale Avoid tax on home By Jay story rules Tips No. 12 and Estate rollow these rules to place wedding pictures in the Deseret News. litaet the Li ie.;!, Sec- Bridal 1977 DESERET NEWS, THURSDAY, MAY 26, Tax e.t tion at iA i,:1 4 I',0 ceeks prior Dring pictures Laid information to the lie!,erti : QUESTION: Mr. Mitton: My wife and I are in the real estate business and are continually isked about the income tax consequences of selling homes. What are the general guidelines and tax inlilieiltiOTIS associated with iho salo of homes? MITTOn 4 Li The following guidelines may be , 4. M.B.A., ID. , ; , 4,-- . , ; v, ),;1 , .;: . :--, , ' ., - , ,, ''' ,, " , ,4 x zt, 0 11'51 ti A t , v.ilitriagi..,:so,--,-2 , 1'00 ),4A 'IIt A i 8.88 ,,.., ; .z, t. , - apartment building or other real estate. .., ittr i Y.. ,1,7;y: , .;:1:..: 12.88 ,7".r.; x, i ;,,!' r,:,.;,0 , .... 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THE FINAL : , 11 STEP: 10.00 . , - . ila ....' '7.:,,m,.t, (.4....,. IL :4 ;I.. ,,,,t,,, , ''.,, .,,,,,,,,, ---- tIlvfits--f- ,,, Ending a fashion Preeminence for 65 years!I GOING OUT OF BUSINESS! , ,, .. :,. ,., .,,,. ,,, ,,,,,,,,,.-- L.: i ,,, :., ,-- AT THE UM , ; t , .: .,.. .,:,,.. , ' 4 ....,,., , ,..,,,,,t ; ,. i...;,, , : , liti. :,.: Iv ,ii, .,., 1:..,,...:,-,,.........,...,,,,..:.- ... , k I. JOSEPH . I ,, , ,..,,,. ,,..,,:..:, TERMS AND CONDITIONS OF THE SALE sales for cash or check. BankAmericard, Master Charge, American Express accepted! No store Charges. OPEN FRIDAY 'TILL 7 2 ,TU; .P0 k' .1;( 014,,,o't iEM RIM 'n 72 SCAITH MAIN AMMEIMINg A, f , All .. .... , ... , ...,,,,....:,.: Everything, even the most recent new arrivals 30 to 53 off! All ', .1 ... their regrets over losing the most beautiful store on Main Street! And no end of thanks to our marvelous resources who have helped make this Going Out of Business Sale a tribute to our 65 years of doing business with the finest names in fashion! MAGNIN i ..:. True, there'll be lasting memories of this great store that's been a fashion landmark for 65 years! All our efforts at continuity have been thwarted, so now we must end the fashion era of Adrien in Emilie! Thanks to our many friends and customers who have expressed CLEARANCE 1 ..,..''' 1. ,.I.. , ,;.&,, ., ,-,.. -- ?,i, I "'SF ..; Zt 44,; - 4.......- , f: t 1V. '' ..,,,,;,,,.....,:.,,,.::.:.., MANY, MANY NEW AinE LOOKS! SHOE , . I ,,.:.,,,,.,.,,...t...,,.... , Late orders have been coming in all week! If you've been in before, come in again! THE PAIR , i ,.,,..it. . i, ,. ,:... ::t .kit .. ":- - "''i:-.';'.,- ; 14 ..... , ..ye I,l'-'.- .. :. .'., .... -- .. ., .. ... f,.......:....,:t.4.:"....... : J., -. .,,,0,to,..01,,,:- ));,,. ::. .. 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'.,.':- vAttico fool-.:ji..:1- 1lMITI1;31 7;;.:, i; , 111!Nt - , i'''' ,- ;',: ........:...........::::.......................,. ,J11E1 , , , ,,,. ,, ; i, ...,atm:414,,,'tfilli,i'llifii i'Al.0 ()kJ . - 4AI:2j:re', D A.. " - ,,,: . - - '; '3.S. REGULAR INVENTORY & ,uyeSaBrs11;14 thiNeaDdS? Want To Look This Smashing In The Have your busy days and busier nights this summer and no time to fuss with your hair? Well, here's the answer with a fantastic opportunity to buy popular styles and save! It's easy when you have a beautiful wig from Clara's in your bag of tricks. Longer styles also included in this sale. tax-fre- AciTWIs D - , .., 4 ,, - ',- - . 1:1:';'';'"'::';'..-::,:t...:;!..!:.z.,',i- "like-kind- " 3. Tax-fre- e exchanges may also he available to individuals who rent their home or otherwise turn it into an investment asset. The former home, under proper circumstances, e for an might now be exchanged ID ".. ,f';: : '..- Individuals who are age 65 or older before sale of an old home also get an additional -tax break." Under proper circumstances the first $20,000 of capital gains (profits) from the sale of a home may be excluded from the payment of taxes. This applies provided that during the past eight years, the sellers have Occupied the old home for at least five years as their principal residence. I '' ',. ., v ,.., , ',;f:, 'f'44.,..-..- ' Ii7fil '! k' ! .,, - , VS , ;, ,.1. , ; , , ;.4 ... , s 7',,,,. ,..,,, , .'," ':''-'- ....1 L ,,, ilk- - iy WAIIT ADS DioI 521-35- 35 ' 2. However, many people find themselves in tax trouble when they sell an old home and purchase a new home for an amount less than the adjusted sales price of the old home. In addition. a replacement home must be purchased within IS months from the date of the sale of the old home. or within 18 months prior to the a'c of the old home, and the new home must be used as the principal residence within 18 months after the old home is sold. The tax laws also allow a person to start construe OAR :',''. 4, '''; , 44: !,:.'i ,' ',.'! v, ,,,',,,,e ' ,,,. k '',' , Afi lion on a new home during the period provided he occupies the newly constructed home within 21 months from the date of the sale of the old home. ,4 ., ',, 1....,..,..t ,, f 4, -. .'" -si . ',.N .!,,...., '. ,,':4' ... '. .t, , ,' '; : , ', ;4,,,.,.... ,,.. ,4, ',. To avoid paying taxes oil the sale of a home, the cost of the new home must he at least equal to the "adjusted sales price" of the old home. (The adjusted sales price is the sale price less real estate fees and "fixing-up- " exp(nses.) hi other words, if the old home originally cost $20,04N1 and is now being sold at the adjusted sale price Of $50,000, there will be no taxes to pay on the $30.000 capital gains (profit), provided a new home is purchased costing at least $50,000 and provided the time schedules set forth below are met. hourn ,tre s: ill' p.111. Monday through Friday, and 9 a.m. to I p.m. on Saturda3 There is a $4 charge for I . ,,, .4 - ,' t,,,: :: 1. UI JAY W. --e ,,,,,,,,,, lAvdding. unit a.m. to RECINS AT SUMMER Ft W. Mitton, MBA, 31) ANSWER: helpful to the ke(iding,. the OR both. week in advance ot the vedding. Pietures mast hu priuted itian two publislarg days alter the wedding. The Deseret News ill publish a picture and laA. t each picture. The Deseret News eat). not be responsil4e for lost or damaged pictures. slut) tor the oigageno,ntit News Living Section, 34 E. 1st South, at least ma, sales final! |