(c) 2007 Newsday. Reprinted by Permission
SELLING TIP – Interview by LAURA MANN
“When selling a home, seniors should consider the income tax implications if they paid very little for the home, which is common for a house purchased 40 or 50 years ago. The maximum income tax exclusion is $250,000 per person, and $500,000 for a married couple.
. . . Consider compiling a list of all improvements . . . to increase the cost and minimize the tax if the gain exceeds the exclusions.”
David DePinto, attorney, certified public accountant and managing partner, DePinto Law Associates, Melville