Newspapers / The Perquimans Weekly (Hertford, … / Dec. 1, 1988, edition 1 / Page 12
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When it comes to tax breaks, there's no place like home If you are looking for reason* to celebrate Thanksgiving Day, look no further than your own four walls. D tailing the tax breaks for which homeowners can be thankful could take hours than a turkey takes to defrost. From the day you sign your mortgage papers to the day you take down the "For Sale" sign, your house can make your life less taxing, says the North Carolina Association of CPAs. Getting to the point At the beginning, there are "points"--fees that a lender charges when you secure a mort gage to purchase a house. Each Knt represnets one percent of the n's total amount. For instance, a charge of three points on a $100,000 mortgage equals $3,000. Pay the points with personal funds, and they are usually fully deductible as mortgage interest in the year paid. If, on the other hand, you pay the points from the la on proceeds, you will most likely have to deduct the points over the life of the mortgage, usually 15 to 30 years. Not so taxing, after all Real estate taxes may add to the cost of owning a borne, but they can alao help reduce tbe amount of in come tax you owe. Generally, you can deduct any real estate tax charged against your property. Owners of cooperatives may de duct a proportionate share of real estate taxes. Hie value of interest The deduction for consumer in terest may be down and almost out, but the itemized deduction for home mortgage interest remains untouched. In fact, you may interest on loans of up to $1 million as long as you use the funds to construct, , purchase, or improve a principal or second residence. You can also deduct interest on home equity loans of up to $100,000, providing the loan doesn't exceed the difference between your home's fair market value and the amount owed on it. Just remember that a home equity loan is, in fact, a mort gage; each withdrawel from an equity loan increases the amount of obligation held against your home. Rental property If you rent your second borne for less tban 15 days, the income is yours-tax-free. On the other hand, if you stay at your second home less than 15 days a year, or less than 10 percent of the time it is rented, your home is deemed a rental and you will have to report any income by deducting a portion of the mort gage interest, the property tax, and the home's depreciation In addition, you can deduct a por tion of such operating expenses as utilities, fire and liability insur ance, repairs, advertising costs, and even maid service. Be aware that, under tax law, any net losses you incur while oper ating a rental are "passive losses." Unfortunately, this usually means that yo may deduct them only form "passive income." But here's the good news. If you actively partici pate in renting the property, and your adjusted gross income (AGI) is $100,000 or less, you can deduct rental losses of up to $25,000 from your regular income. For owners with AG1 over $100,000, the <25,000 active rental loss allowance is re ducted by 50 cents for every dollar of income above $100,000. There's no business If you run a business out a i our home, you have a few other reasons to smile. First, you may be able to depreciate your home office. Sec ond, you can generally write off part of your various operating ex penses, including utilities, fortbe office portion of your home. You can even deduct a portion of the cost of a home-security system. As a general rule, to take a tax deduction for a home-based busi ness, you must use the space exclu sively and regularly s the principal place of business, or as a place where you frequently meet or deal with your clients, customers, or pa tients. Deductions for business use of the home are allowed only to the extent of the taxpayer's net income from the business? that is, gross in come less deductions attributable to the business. The net effect of this limitation it that home-office deduction* may not be used to cre ate or increase a net loss from the business conducted in the home. Stop taxes from gaining on you The house you bought for $80,000 years ago is about to sell for 1250,000. You don't know if you should celebrate or get ready to foot the tax bill. Break out he champagne. As long as the cost of the new residence equals or exceeds the selling price of the old house, the tax on the gain is deferred. If you spend less than the old house s selling price, bow ever, the excess amount may be taxable income. And remember that the new house must be pur chased within two years before or two years after the sale of your pri mary home. A special break exists for older taxpayers. If you are age 55 or older, you may exclude of up to $125,000 on the sale of you home. Let's say you sell the quaint home you purchased for $45,000 back in 1968 for $270,000, for a gain of *226, m, I. You can rail $100,000 of the profit into a new borne and pocket the remaining $U5,000-and owe ab solutely not taxes on the gain from selling your bome. But be warned: this la a one-time only exclusion- 4 per individual or per couple. Use it too soon or at the wrong time, you may regret it later. It pays to be charitable Here's a new angle on converting your home into a handsome deduc tion. Contribution a "remainder in terest" in your home to yorti favorite charity and take a substan tial tax deduction in the year that ( you make the gift. A "remainder interest' means that you agree to allow the charity to take title and possession after you and youc spouse pass away. While either 6f you are alive, you can continue to live in the house rent-free. Remember, your home may bcr - your castle, but it can also be your, - tax break. CPAs advise you to pro- " ceed cautiously whenever making f decisions that may affect your tax liability. Creative artistic people's society C.A.P.S. (Creative Artistic Peo ple's Society) Craft Show to benefit heat for the elderly in Pasquotank County through Social Services will be held at Knobbs Creek Recre ation Center December 3, from 10 a.m. to 7 p.m. Crafters from NC and Va. with country crafts, wood, cross stitch and florals. The Janice Craigs - Dance and Cloggin Club will be in charge of kitchen food served. For information, call Bessie Gre gory at 1-804-853-3352. Free admission to Knobbs Creek Recreation Center. Perquimans students winse scholarship A Perquimans County student, Edward Earl (Tripp) Brown, III, was awarded a scholarship to be used in his studies at North Caro lina State University for the 1968-89 academic year. Brown, son of Jean Ashley, Hert ford, and Edward Earl Brown, Jr., Burgaw, was awarded the Moor man Compnay Fund Scholarship. This scholarship was established by the Moorman Company Fund in Quincy, Illinois. It is awarded to in coming freshman based on cha racter and scholarship. Brown, a freshman, is majoring in agriculture and animal science. Winslow receives ACC scholarhip Richard Lane Winslow of Belvi dere has been named as recipient of an Activities-Leadership Schol arship at Atlantic Christian Col lege. The scholarship is valued at $2,000 over a four year period. He will enter Atlantic Christian as a freshman in the fall of 1969 where he plans to major in math ematics. A senior at Perquimans County High School, he partici pates in basketball, baseball, band, is president of the Church Youth Group, a member of the yearbook staff, and is a Scholastic All-Ameri can. He is listed in "Who's Who Among American High School Stu dents. He is the son of Mr. and Mrs. Ar nold E. Winslow, Route 1, Box 358, Belvidere. Nutrition site menu schedule The following is the Perquimans County Nutrition Site menu for the week of December 5-9, 1968. Monday? ham slice in pineapple juice, coleslaw with green peppers, seasoned spinach, whole wheat bread, margarine, banana, milk. Tuesday? fried chicken, scal loped potatoes, buttered French style green beans, cornbread, mar garine, devil's food cake with cho colate icing, milk. Wednesday? Swedish meatballs with gravy, diced stewed potatoes, glazed carrots, dinner roll, marga rine, cherry cobbler with whipped topping, milk. Thursday? baked porkchop, canned corn field peas, candied sweet potatoes, biscuit, margarine, oatmeal cookies, milk. Friday? country style steak with gravy over rice, seasoned turnips, seasoned dried blackeyed peas with chopped onions (raw), corn bread, margarine, tangerine, milk. 'Shakespeare and the Age of Elizabeth I' "Shakespeare and the Age of Elizabeth I,r' a special exhibit, will be on display from Dec. 19-Jan. 13 is the lobby of the main building of the Chesapeake Campus of TWewa ter Community College. Ifee reign of Elizabeth I ushered in a period of national confidence in England when the arts flourished -? .. ? 5 -m*.. Richard Blair, portrayed by John Carson, gets the draw on the evil villian Egbert Van Home, portrayed by Ed Allen, during a recent performance of "Curse You, Jack Dalton!" for the Holiday Island Civic Club's dinner theater. This was the second performance of the play by the local community theater group, the Perquimans Playhouse. Community briefs Masonic Lodge to hold ladies night supper Perquimans Masonic Lodge 106 AF&AM will hold their annual la dies night supper at Joe's Place on Monday, December 12, 1988 at 7:00 Bookmobile schedule The Perquimans County Book mobile makes these stops on Fri day, December 2, 1988. Cherrix Day Care 9:45; Holiday Island Club House 11:00-1:00; Snug p.m. All members are invited to at tend. Harbor 1:30-2:00; Nebling Drive (Cedar St.) 2:00-2:15; George's Store 2:30-2:45; Kirby Drive 3:15; Gladys Warren 3:30; Boyce Drive 3:45-4:00. Stimulator controls seizures WINSTON-SALEM - Doctors at the Bowman Gray-Baptist Hospital Medical Center Wednesday (Nov. 16) implanted a newly-developed vagal nerve stimulator in an at tempt to control intractable epilep tic seizures. It was the world's first implanta tion of the device, called a neurocy bernetic prosthesis. It was develoiped by Cyberonics, Inc. of Houston. Most epileptic seizures can be controlled with medicines, said Or. J. Kiffin Penry, professor of neurol ogy and principal investigator of the pilot study. A few patients whose seizures cannot be con trolled with drugs can be treated surgically. But seizures in some patients can't be controlled either with drugs or surgery. It is those sei zures that Penry hopes to control with the vagal nerwe stimulator. Dr. William O. Bell, assistant professor of surgery (neurosurg ery), implanted the pocket-watch sized device under the skin on the side of the chest, with a wire run ning from the device to the vagal nerve in the neck. The wire is at tached to a coil that surrounds the vagal nerve, which runs from the brain to the internal organs. The patient, whose name was not revealed, is in good condition. Doc tors said they would begin testing the stimulator in about 21 days, af ter the surgical wound heals. Penry said it would take 60 to 90 days to determine whether the device re duces the number of seizures in the patient, who had been having about a seizure a day before surgery. The device is programmable from the outside, which means that both the frequency and intensity of the electrical stimulation can be al tered. Because of the presidential cam paign, attention is focusing on what America needs or what America is looking for. Is it jobs, a better farm economy, a balanced budget, a ree society or what? What we teem to be searching for are old fashioned values. Mehrin Maddocfcs who writes for the Christian Science Monitor says Americans are loaldag for the sim ple life. Says Maddocks. "Every summer vacation we city slickers project upon our country cousins the burden i of neglected values. If Wall Street*! nsfde deafers'and Washington's sleazy operators, who does?" that life is no loi?er simple even in the country. With that we can What is America looking for? for farmers and ranchers. The day wfoen a farmer was pretty much self-sufficient is long past. Maddocks' thoughts do a lot to explain why city people get nervous every time they hear the family Cum is in trouble. It's because they expect the family farm to be the keeper of America's values. When are honesty, hard work, thrift and other virtues going tor* ?fat* If Mtf* wMk * * fnmilv siae wiui utxhieinni, iainiiy Fingernails can put the finaer on oroblems :: There is more to fingernails than biting, filing and polishing. Changes in their color, texture and shape provide important clues to our health, reports the November Reader's Digest. Here are some of the more common nail abnormali ties that may help your doctor diag nose a ma jor illness : 1. Clubbing. The nail has an exag gerated upward curve and curls around the fingertips. Clubbing losis, cardiovascular disease, ul cerative colitis or cirrhosis. 2. Blue moons. A blue tint to the lunula, or moon, at the base of the nail can signify impaired circula tion, heart disease or Raynaud's syndrome ? spasms of the arteries of the fingers and toes. 3. Spoon nails. The nail is de pressed and looks flat or scooplike. This condition is associated with iron-deficiency anemia, syphilis, thyroid disorders and rheumatic fever. 4. Lindsay's nails. The half near the nail tip appears pink or brown while the half near the cuticle ap pears white. This can be a sign of . chronic kidney failure. | 5. Beau's lines. Depressed hori zontal furrows across the nail are . caused by malnutrition or any se vere illness that temporarily inter feres with nail growth, such as ; measles, mumps, and heart attack. 6. Terry's Nails. Most of the skin under the nail appears white, with the normal pink area reduced to a.' band near the nail tip. It suggest cirrhosis of the liver. 7. Yellow-nail syndrome. Nail'. I growth slows, the nails become thickened and very hard, and look yellow or yellow-green. Possible causes are chronic respiratory, thyroid or lymphatic diseases. 8. Splinter hemorrhages. Longi tudinal red streaks indicate bleed ing of the capillaries. Multiple lines may be a sign of chronic high blood pressure, psoriasis or an infection of the lining of the heart (subacute bacterial endocarditis). ( 9. Irregular pitting. This occurs in many cases of psoriasis. Single parenting becoming standard in North Carolina Single parenthood is the fastest growing family lifestyle. One out of every five North Carolina house holds with children is now a single parent family," says Dr. Cynthia Johnson, extension human devel opment specialist at NCSU. About 40 percent of single parent families in North Carolina are headed by divorced mothers. Some 21 percent of babies are born to unwed mothers. Another 12 percent of children in single parent families are living with a widowed parent. Legals IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION EEFORE THE CLERK FILE NO.M-SP-27 NOTICE OF SALE NORTH CAROLINA PEROUIMANS COUNTY IN THE MATTER OF THE FORE CLOSURE OF LAND CONVEYED BY THAT CERTAIN DEED OF TRUST GIVEN BY HUGH LANDIS STOVALL, III to John V. Matthew*. Jr., Trust**, in favor of FRANK E. WAFF and wife, JOAN B. WAFF re cordod in Real Estate Book 112, pago 41t of the Perquimans County Regis try UNDER AND BY VIRTUE Of the power of sale contained m a certain dead af trust axacutad by Hugh Landls Stovall, III, datod August l, IRJ and recorded in Real Estate Book 112, page 411 in ttie Office of the Register of Deeds of Perquimans County, North Carolina, default hav ing been made in the payment of the indebtedness thereby secured, and the said deed of trust being by the I Winslow Auctions HAROLD WINSLOW 297-2658 BRENT WINSLOW 297-2839 "MmMkIiOr iMiMW. . M* ? StWtai." terms thereof subject to foreclosure, and ft* holders of the indebtedness thereby secured having demanded a foreclosure thereof for the purpose of satisfying said indebtedness, and the Clerk of Superior Court of Perqui mans County having granted per mission for the foreclosure, the undersigned Trustee will offer for sale at public auction to the highest bidder for cash at the Porquimans County Courthouse In Hertford, North Carolina, at 12:09 o'clock noon on the Mh day of December, 19M, the land conveyed in said deed of trust, the same lying and being in New Hope Township, Perquimans County, N.C., described as follows: Lot 23, Section A of Little River Shores, as shown on the plat of Little River Shores Section A recorded In Plat Book 4, page 205 of the Porqui mans County Public Registry and I Sir ?39.99 Many Colon C Pattom* Quality Clothing Word* Shopping Cantor Hartford, N.C. dealership log homes Your complete Log Home Company hat all of America's finest lines, suit ing at SI2.47S. Great earn ing potential, will not in terfere with present employ ment. Investment 1004b secured by model home. Call Don Hickman, Toll Free I -800433-0670. COUNTRY LIVING LOG HOMES P.O. Bos 171060 Naah villa, TO 37217 tht house and any other im provements located thereon. The record owner of the land de scribed above is Hugh Land is Sto vail. III. This sale will be made subject to all unpaid taxes and assessments, if any, and any prior encumbrances, liens and matters of record, if any, and the highest bidder will be re quired to make a cash deposit of ten (10 per cent) per cent of the bid price. This 14th day of November, 19M I Ditch Witch of Elizabeth City Hwy. 17 South 338-1300 Sal? ? Srvlce ? P?rt? John V. Matthews, Jr. Trustee Nov. 24, Dec. 1 I HASTE REALTY MuMjjtoJLMng ^ MLS Broker-Realtor 426-5211 146 Church St. Hertford, N.C. TED WEEKS. Realtor . Specializing In HOLIDAY ISLAND Loft ? Cottages Mobile Homos 426-7653 , tox 275. HfHocd, N.C-1 ALBEMARLE FURNITURE CENTER BIG SAVINGS!! Lay-A-Way Now For Christmas CAROLYN ft HAROLD WINSLOW u Hlffpmy FURNITURE CENTER PHONE 426-5843 I U.S. 17 Bvpq?? HTtford. N.C
The Perquimans Weekly (Hertford, N.C.)
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Dec. 1, 1988, edition 1
12
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