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Show STANDARD-EXAMINER SUNDAY, MAY 24, 1992 CLASSIFIEDS: 394-1671 OBITUARIES fm “Lakeview ara © Ga £01644! EXECUTIVE * Brand new/choose carpet colors! * 3 car garage * 22 baths as Cadel tional home has 3 bedrooms, a fireplace, evaporative cooling, gas heat, a spa- £% See plus a finished basement. The landscaping is professional. Don't let this one slip away! 19440. SUE ERNST 544- rivate tennis courts % Small lot with private park in back For Private Showing Call... JED McCORMICK 782-4663/782-5744 Quad-level cious patio and a beautiful new kitchen, PBenti ee PARADISE, brick magnificence. This cheerful tradi- % Open spacious fencing % Never ending view of thevalley 4663/546-0319. hy. 3065 WASH. BLVD. 627-HOME OGDEN CITY MALL 394-HOME LAYTON HILLS MALL 544-HOME How to deal with capital gains tax By RON GASBARRO ORK The Best “Selling” Story In CHARMING HISTORICAL Northern Utah... HOME IN OGDEN AREA Brick rambler “Prairie Style” design. Just some of the many features include REALTORS [An All Broker Office] RQ 15x15 formal dining, huge living room, study, gourmet kitchen, sunroom, 4 bedrooms, 3 baths. Beautiful wood- “<*" work, hardwood floors. Oversized ga- 621-5146 rage. Only $118,000. MINTON R4-2121. RIC When Lou andSandy decidedto sell their lovely lakeside homein Baltimore, Md., their emotions were mixed. (he property consisted ofthree idyllic acres — a chunk of land hard to find in any major metropolitan area. ; Thefive-bedroom house — complete with four fireplaces and a roomyscreened-in portico — was built in the mid1800s and was historically and architecturally significant. “We loved it but it became a drain financially,” said Sandy. “Especially our winter fuel bills. We longed for a low-maintenance rowhouse downtown near the harbor.” Thoughthereal estate market is depressed, a person who had admired 2263 S. 150 W. CLEARFIELD Convenient is the only way to de- ouse~ =n REALTORS" 544-9044 - scribe this lovely 3 bedroom home on a .40 acre lot. Finished family room, walk-out basement and more. This home is in excellent condition. Vacant and ready to move in. Call me today. NORA MA- LONE 547-7651, 776-3674, MANOR HOUSE 544-9044 5285 S. 2150 W., ROY $105,913 Y ®% corporation Better @a Homes. cry = 394-HOME 36S WASH. BLVD 627-HOME LaYTONMis MALL 544-HOME Start making your special memories in this gorgeous brick rambler. Living room with vaulted ceilings and fireplace. Formal dining room. Main floor family room plus game room down with pool table. Huge master suite with sitting area and Roman-style bath. Three more bedrooms and 2 MOF baths. Office downstairs with separate entrance. Extra-large 2 car garage, covered deck, automatic sprinklers, patio. SHAREE BIGLER 543-2335 Weber Basin Home Builder’s Assoc. 22Spring MOLECU 4402 W. 4000 S. the house for years snapped New Heritage Homes Realty 731-5551 1992 PARADE OF HOMES SHOW STOPPER “THE SHERWOOD” it up for $295,000 — almost $130,000 more than Lou and Sandy had paid for it six years before. The townhouse the couple bought cost $85,000. That gave them an $80.000 profit — or so they thought Suddenly, because of capital gains taxes, the 80 grand was tacked onto their incomefor that year, pushing them into a tax bracket that kept them up nights worrying. “What we thought was a nice nest egg for our retirement year was whittled down considerably because of the new capital gains taxes,” laments Lou. A “capital gain” is the money you makeon the sale, minus what you paid for it. Used to be, long-term capital gains received special treatment by the Internal Revenue Service. When you sold an investment — a house, a piece of land, a limited partnership in an office building — that you had held onto for six months, you paid tax on only 40 percent of your profits. Now, thanks to Congress’ 1986 Tax Reform Act, you pay tax on 100 percent of your profits and you must hold onto your asset for at least one year. Now, six years later, the capital gains tax is clogging what used tobea freely flowing real estate market. “People are holding onto their homes longer rather than risk having to pay the tax,” says Marge Michaels, a Connecticut real estate broker. “People whose children have moved out and who would normally be looking for a smaller house now realize it is not advantageous for them to risk the capital gains penalty.” What your capital gains tax would be depends on what your household income is. For the Baltimore couple, their sale pushed them from the 15 percent tax bracket into the top 33 percent slot If you recently purchased a home that cost less than what you sold your previous home for, there are steps you can take to soften the blow of a high capital gains tax “You can lower your capital gains tax by making improvements within two years of your purchase,” says Lee Eric, a Pennsyivania accountant. “If you bought a handyman’s special, you are in luck taxwise even though it may at first appear to be a money pit.” Note the difference, however, between “improvements” and “repairs.” Improvements are typically structural and addto the value of the home. These include putting in a deck, a porch, adding a bedroom or a bathroom, upgrading the electrical wiring or fencing in your yard. You can pave your driveway, build a garage or a tool shed and even put in a swimming pool. West of Roy in Kanesville BASE PRICE $81,500 “Price does not include lot or extras Home is currently under construction ; bedrooms, 3 baths, potential large family room and 3 car garage. This nome is ail decked out with all extras on 1 acre lot. We have many other models under construction. YOUR HOST: MEL PETERSON 731-4732 1671 E. SHADOW YALLEY DR.. OGDEN Sat., May 23 - Sun., May 31 Weekdays 4-3 p.m. @ Weekends 12-9 p.m ANSEL], ~ AND ASSOCIATES fam m and dr ak 621-1000 Home Show Admission $3.50 ~ DGERE EEE: John VW. Hansen .. AND ASSOCIATES $67.500 S00 2070 N. 600 W. HARRISVILLE — ST GS fs STARTING SMALL? floor plan may be for 479 - 1500 -wanlfe you' his 3 bedroom 3 r DOING teCome BS see GUOe me Mr He SS ee buyer. for informat c ANA HARR SO N 782 106 Repairs include painting, wallpapering, installing ceiling lights, landscaping, patching window. Doing these chores m i putting in a bay the value of your homein the eyes of the next person who buys it — espe- cially since many of the changes are really cosmetic. they will do nothing to lower your capital gains tax But One way to sidestep the capital gains tax is to rack up a TP OF HOMES Now through May 31st!!! bunch of birthdays “If you are over 55, and you can defer one time your capital gains tax,” notes CPA Lee Eric. “You can comSe pletely disregard st This means you make $50.000 s g your home and fall hen the right - bracket no capital gains tax : pinned on you. If you do the same thing again five years Siasihtadby the Lstnockes Tie Spidicesr See Details in Today’s Contuy, aI aah This specious brick eneoutive homein GEN, cartnionecolorsnas over3,0004 Se Golden Spike poses (irsive pdngwesso 773-1777 Newspaper os aaa He ; — Tn thes anoomiiantl |