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Destin Log in Destin, Florida

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This newspaper page contains 3 articles. Subscribers can read the full text of each article.

Newspaper

Destin Log

Location

Destin, Florida, United States of America

Date

Mar 11, 1987

Page

10

Deferred Gain Tax Rules On Principal Residence Sales

The IRS says report the sale of a home in the year of sale using Form 2119 and, if taxable, Schedule D. A replacement residence must be bought within 24 months, and gains may be deferred but reduce the basis of the new home. Eligible sellers age 55 or older may claim a one time exclusion up to 125000.

Internal Revenue Service IRS

Choose IRA Carefully Advises IRS on Smart IRA Selection

The IRS cautions savers to choose IRAs carefully and verify all financial aspects before investing. Compare providers from banks, insurers, and mutual funds, check fees and rates, and review projections for values at ages 60, 65, and 70, including withdrawal penalties. Contributions must be made by April 15, 1987 for 1986 tax year.

Internal Revenue Service IRS

Pensions and Annuities Tax Rules for Retirees

Federal tax withholding on pensions and annuities is voluntary for withholding exemptions. Fully taxable pensions must be reported on Form 1040. 1040A and 1040EZ do not apply. Partially taxable pensions use an exclusion percentage set by the issuer, or Publication 575 guidance. Publication 567 assists Civil Service retirees, and Tax Counseling for the Elderly provides free counseling for seniors.

Internal Revenue Service IRS U.S U.S. Civil Service

Also Mentioned on This Page

American Tax Service American Tax and Budget N.E. Eglin Parkway South Drive Central Drive Delchamps-Racetrack RD Fort Walton Beach Income Tax Service Stephen C. Riggs CPA Lillian G. Martin Paul W. Storey Santa Rosa Executive Plaza Mary Esther Mary Esther, FL Vanguard Vanguard Bank & Trust Company John Sims Valparaiso Wright Beal Ft. Walton Beach Georgia Avenue Eglin Air Force Base Memorial Lake Vanguard Bank Btpost Niceville Palm Fiaza Bluewater Bay Merchants Walk Santa Rosa Mall Santa Rosa eMary Esther IRA Aire 3 Ethan Allen Mary Esther Cutoff
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