Brookings-Harbor pilot., February 07, 1957, Image 5

T h u rsd a y , F ebruary 7, 1957
B r o o k in g s-H a r b c r P i/o t
B rook
O. eg o n
m ng and m ainta.m ng the house­ M ai.y m unicipalities include in
hold are not deductible. So don’t th e tax bill special fees for non­
claim redecoration items, light deductible expenses such as sew er
bills, insurance and oth er person­ age and street pavem ent.
Article No. 6 —Your Home -A
In a casualty loss, the allow able
al expenses.
Bonanza of Deductions
Home purchasers in the early deduction is the difference be­
(E ditor's Note: t a x savings pos­ stages of a m ortgage w ill find it tw een the dam age and the in su r­
sible for home ow ners are treated •specially m oortant to check out ance reim bursem ent. A casualty is
in this article prepared by the ta x th eir deductible costs. For about any loss to personal property as a
inform ation com m ittee of the O re­ the first qu arter ot the life of the result of fire, storm , flood, e a rth ­
gon Association ot Public Accoun­ mortgage, interest paym ents ex­ quake or oth er unexpected and
tants and presented by the Pilot ceed the am ount of the principal unusual causes.
Be p rep ared to su b stan tiate a
as a public service.)
every m onth. Then, as Jthe home
A re you a hom e ow ner or in ow ner builds up his equity over casualty claim if it is challenged.
the process of buying? If so. this the years, the am ount of his in ­ Before-and-after pictures, rep air
is the tim e of year that you have come tax savings from interest bills and w ritte n offers to buy
w ill help support an offical ap-
the edge on your rent paying dw indles accordingly.
On a $16,(X)0 m ortgage financed • u. i al. W hen large am ounts are
friends since m any expenses in
volved in home ow nership can be at 5 per cent for 30 years, the a n ­ involved, it m ay be w ise to get
deducted in com puting income nual interest during th t first few ex p ert a p p r a i s a l im m ediately
after the casualty occurs.
years w ill average $800.
taxes.
A nother im portant tax benefit
Some
banks
itvmiz“
each
p
ay
­
Because details often slip from
th a t may accrue to the home own-
m
ent
to
show
am
ount
of
interest,
m em ory and since proof will be
r is the capital gains allow ance
needed if the re tu rn is challenged, principal, taxes or oth er charges
on home sale and purchase.
If
the
am
ount
of
interest
is
not
now is a good tim e to start a file
If a home purchased in 1940
of cancelled checks and other nec­ itemized, ask the bank for a
for $10,000 is sold for $15.000, and
statem ent showing it.
essary papers for next year.
D on't forget to include any in ­ the $5,000 -p ro fit” it not taxable
F or most home owners, the big
terest
paid on home repair loans H the full $15,000 sales price is
gest deduction will be the am ount
applied to the purchase of an-
of in te rest paid on the m ortgage or (renters,tak e note,too) on fu rn i­
othef home w ithin one year. If
durin g 1956. O ther m ajor allow ­ ture and home appliances p u r­
“another hom e is acquired for $14,-
able item s are property tax« s and chased on credit.
000, taxes m ust be paid on $1,000.
W
hen
you
claim
property
taxes,
casualty losses.
As an altern ativ e, you can start
N aturally, ordinary costs of run i b e s u r e to list o n lv th e ta x e s .
Income Tax Tips
w ith
p leasure/
OLYMPIA
ODm»«. **»* U 4* >
\
THE
, * 8
W ATER
* IN C
t3
THAT
X ,
MAKES
IT
SO
R E F R E S H IN G
Break Truck
J o h n P y n e P a r tic ip a te s
tYtakes rcoii
Jo h n A Pyne, m achinist's m ate
first class, USN, son of Mr. and
Mrs. G A Pyne of Brookings,
serving aboard the attack trans
port USS Okanogan, participated
in th e com bined air-sea am phib­
A boy w as born on F eb ru ary
ious landing operations by Navy
and M arine Corps units off the Wednesday, to Ralph anti C har­
S outhern California coast during lotte Fow ler at Seaside hospital in
C rescent City. Dr. Paul Ronniger
N o v e m b e r a n d e a r ly D e c e m b e r.
was in attendance.
The exercise, sim ulating actual
com bat landings, was conducted
for train in g purposes and to test W a tch S h op H ere
the
readiness
of
am phibious
T o C lo se S oon
forces.
Ships of the Pacific Amphibious
Dan Styers, operator of D an’s
Fleet and the 5th M arine Regi W atch and Clock Shop, located in
m ent from Cam p Pendleton, C al­ Palm ers, announced th a t he w as
ifornia, tested the latest concepts going to close his shop, effective
in am phibious w arfare and mod
Friday. S ty ers has lived in Brook­
ern tactics.
ings for about tw o years, com ing
E ducational
institutions
and here from Weed. California. His
book and music publishers are future plans are indefinite, S ty ers
in A m p n tp .o u s L a ..d in g s
A tragedy w as narrow ly av ert-
e i last T l.ursday when a Mornin
flash bread truck, driven by Gene
B aker of Gold B e at h, slid d o w n
a 300 foot, em bankm ent near C ar-
penterville.
B aker went about h Uw y
down w ith the tru ck when he
m anaged to get out. and suffered
only a few broken ribs and bruises.
The accident happened at about
3 p.m. Thursday, when the tru ck
slid on a muddy stretch of h igh­
w ay 101
The tru ck w as pulled out su b ­
sequently w ith the body and hood
extensively dam aged.
construction of a home w ithin a
y ear and occupy it w ithin IB
m onths after the sale of your old
home. It the new home costs as
m uch a
you received for your heavy users of advertising.
old one (w ith allow ances for sell-
and
fix in g up” expenses), you
are not taxed on the gains. If
said.
your new home costs less, the
gain is taxable to the ex ten t ot
the difference. In any event, you
m ust subm it p ertin en t in fo rm a­
tion concerning any sale of your
home, w ether th ere is a tax ab le
gain or not.
D eductible hom e expenses th a t
you claim should be itemized on
Page 2 of form 1040, along w ith
o th er allow able outlays like ch a r­
ity donations and m edical ex ­
penses.
If you use a portion of your
hom e’ for business purposes, you
m ay be entitled to additional de­
ductions, such as depreciation and
a portion of the o perating costs,
as business expenses.
Consultation with your public
accountant w ill provide fu rth e r
specific inform ation relativ e to
ta x problem s arising from your
hom e transactions.
•e a » ’ oa
V i K w r ' « « " " “ ' ' >■ -e -
ae&UL*a
c * u i O ’ w o
v . ì a - t * - wj T-e
t u a i m a m ì s S O B *« ***» x e - " * * o ' f
I
Dim m ick
Bros.
Brookings Mkt.
PRODUCE
N A TU R A L REST M A T T k ESS
SOLD FC?.
y jo r a fte r
Imagine saving n< a r'i
Rutabagas
Turnips
0 •
» •
u<
x f i r - r o w , 1 ’ pr. • o l • * ” m« r- . r a . • A . n -
I ‘. s. Mattress! Ileaiil.©-!) ' rm for to«
n a tu ra l rest yo u r b o d y needs, A o u ca n t m.
a finer q u a lity , m ore I ii v ir io n - ! v con.fm t<d,.«
m attress for the money! And yo i get an
these famous Sealy quality f» at •1 '•
• E;
t
v
• *’x‘. in i'
It
coil c o n st I
• P r t built bor te ra tor non-»ag edge» I
* Mand-ams
fo r th is s*il** enb;
•»’ ’ ncc i r r i a p r i n e u n it!
: crater d«»lgned cover I
r
RE2.’"'
o
4
Fancy
Cauliflower
9' lb
P®r pound
9c
full or
• £ jr u y cord h a n d le »! 8 v e n tila to r» !
©
/
tw.n size
m a t c h i n g b o x s p r in g » 3 9 . 9 5
Juice Oranges 9 e lb
Hendricks Furniture CABBAGE
BROOKINGS
OREGON
5c lb