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26 1984 Tax Preparation Guide Seniors can exclude gain on home sale income . a. nknncA tn pyH iiH p thp On If you're 55 or older, you could be elgible for a once in a lifetime $125,000 exclusion of gain on the sale of your home, the Internal Revenue Service says. You qualify if you are at least 55 years old before you sell your home. You must have owned and lived in the home as your principal residence for at least three years out of the *1 mm® are amounts you subtract directly from your tax. Check your instructions for details. I A public service message from the Internal Revenue Service five year period ending on the date of sale, and have never excluded gain on the sale of a home after July 26,1978 If you sold your home on or before July 26,1978 , the maximum exclu­ sion was limited to $100,000. For homes sold after that date, however, the maximum exclusion is $125,000. A principal residence is the home in which you live. Of course you must own the home, whether it be a houseboat, mobile home condmin- ium, apartment or house. If you own two homes, and live in both, your principal residence is the one that you reside in m$tft of the time. Your gain is the selling price of the residence minus selling expenses and the adjusted basis of the home. If you are married, you may not choose to exclude the gain unless your spouse joins you in making the choice. However, if you are married, and filing separately, you may choose to exclude no more than $62,500 of the gain. You may make or revoke your decision to exclude the gain from a particular sale or exchange at any time before the la­ test of: the due date of your return for the year of sale, three years from the date the return was filed or two years from the date the tax was paid. For further information, IRS Pub­ lication 523, Tax Information on Sel­ ling Your Home and IRS Form 2119, Sale or Exchange of Principal Resi­ dence are available free. To obtain these use the handy order form found in your tax package. Contributions may be deducted Taxpayers who made charitable contributions during 1983 and do not itemize deductions will be able to de­ duct a portion of the contributions on their 1983 federal income tax re- turnes, the Internal Revenue Service said. The charitable contributions for non-itemizers is a provision in the Economic Recovery Tax Act of 1981. For 1983, non-itemizing taxpayers (other than married taxpayrs filing separately) can deduct 25 percent of the first $100 of charitable contribu­ tions from their adjusted gross in­ come up to a maximum dedution of $25, the IRS said. If a taxpayer is married filing separately, the maxi­ mum deduction is $12.50 ( 25 percent of the first $50). In 1984, the 25 percent limitation applies to the first $300 ($150 if mar­ ried filing separately) of charitable contributions, with a maximum de­ duction of $75 ($37.50 if married fil­ ing separately). For 1985, the limit rises to 50 percent with no maximum and for 1986, the charitable deduc­ tion increases to 100 percent with no maximum deduction. In all cases the deduction is limited, however, to 50 percent of the adjusted gross income of the taxpayer. After 1966 a tax­ payer must itemize deductions to claim charitable contributions. ? REFUND COMING Invest in the Family Fun and Economic Entertainment of a Quasar or Sharp VCR ,.^469 5235 SAVE $20 ON OUR MOVIE CLUB! with any VCR purchase. Over 700 titles to choose from including Tootsie, Raiders of the Lost Ark, Staying Alive, Porky's II, Risky Business as well as many old standards and children's movies. Quasar BUY NOW...No Payments 'til May! (with approved credit) 103 E. Judd Street (Just off the Square across from Uncle Dan si Woodstock 338-5525 \ftVES USED CARS i U(We '[[ (fua.xa.ntec you a texxific deaC on o.ny eat you cfiooief c/fff oux /ate modeC caxi axe in tofx-notc/i condition, and. xeady to dxive off tfie Cot. <£tofi in & leel" ...HBot? C7itton Laramie beige w/saddle convertible (op and leather 60/40 seats w/dual power & recliners Tilt & t||. telescopic wheel, cruise, p.s., p b, p w., door BGOfl locks, stereo tape, diesel powered, new vogue tires & wire wheels, low mileage 1982 PONTIAC BONNEVILLE Fully equipped family car, light green in color. SAVE BIG! 1982 CADILLAC SEDAN DEVILLE Black with all Cadillac luxury leather interior and convbi uble top. JAVE M K T -- ? -- N ^ W 1 9 8 4 F O R D V A N Qg f ^ lone paint, Midwest's finest conversion, p.s , IMiL *»wT5g2«r p b, tilt, cruise, a/c, am/tm stereo cassette w/cb, dual tanks. V8 auto , custom wheels & tires, run 1 nings ooards, ice box. tv & much more. Several to choose from New 1984 van conversions at 1983 mm prices SAVE NOW QUALITY AUTO CENTER 9 0 0 3 S . R T E . 1 2 • R I C H M O N D I L L ( 8 1 5 i 6 7 8 4 3 4 4 • ' 4 1 4 ) 2 7 9 - 5 7 6 6