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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 8, 1961)
10 A- WEDNESDAY, MARCH 8, 1961 MEDFOHD MAIL TRIBUNE, MEDFORD, ORE. Allowable Income Tax Deductions Make Owning One's Home Enjoyable New York - (UPD - To the home owner who sometimes wonders it "it's a 1 1 worth while" as he writes seemingly endless checks - for mortgage payments, fuel bills, or paint and paper, for snow removal, for fertilizer and grass seeds this is a particularly reward ing time of year. For it is now, at income tax time, that he enjoys one of the most tangible rewards of ownership savings on in come taxes. While rent paying friends ' hunt for more allowable de- ductions that might help slice the tax total just a bit, the home owner, almost without exception, will find that de ductions permitted property owners total up well over the so-called standard deductions from $1,000 or about 10 per cent of income, whichever Is smaller. Seek Professional Advice Therefore, the home owner will save money by itemizing deductions, and by spending time enough to do the job carefully and thoroughly, list ing all deductions to which he Is entitled and seeking pro fessional advice, if necessary.' As the deadline for filing federal income taxes ap proach - Monday, April 17, this year attorneys for the National Association of Home Builders offer the following tax hints for home owners: Real estate taxes are de ductable by the owner of the property, If you bought or sold your home home during the year, the deduction must be a portion between the buy er and seller. Do not, however, deduct charges and assessments for services such as water or trash removal or for improve ments such as street and sidewalks. The interest you pay on your home mortgage is de ductable. If you do not know how much interest you paid In 1960, check with the bank or other lending institution which receives your monthly payment. This can . mean a substantial saving, Property losses caused by either casualty or theft can be deducted even though the property damaged or stolen was for your own personal Lenten Message By THE REV. DR. EUGENE CARSON BLAKE Stated Clerk, Uniled Presbyterian Church in USA (Written for UPI) "Judge not that you be not Judged, for the pronouncement you pronounce you will be judged, and the measure you give will be the measure you get." This Is one of the hard say ings of Jesus. It Is hard In the sense that It is difficult to be sure exactly what He meant, and it is hard also in the fuller sense that If He meant literal ly and simply what He said, it is an extremely difficult command to obey. On the surface it would ap pear that Jesus is saying to us do not be critical of others, because if you are, you wil! be criticized In the same terms by them. This is, of course, good advice. One of the out standing difficulties ampng people who would be church or community leaders is their tendency to be sharply critical of each other. If people would learn to be severe with thenv selves and generous to others. a good deal of progress In all good projects would be made. But as I look at what Jesus says in these verses, it Is clear that there Is an even deeper meaning. He is saying that in the very act of judg ing others, we ourselves arc judged, There is no exception to this rule. When you and 1 decide that some one or something is good or bad, we are making clear at that very moment what are our own standards of value. Every hu man judgment Is a judgment In reverse. OCEANIC SURVEY Washlngton-tUPD-Tlie Atom ic Energy vommisslon has or dered an oceanic survey to determine what would hap pen to radioactive materials released in the seas by mili tary, industrial or space oper ations. What It learns will be of help a spokesman said, in regulating future use of nuclear reactors tor such purposes as dredging minerals on the ocean floor or powering pumps for under sea pipelines. FALSE TEETH That Loosen Need Not Embarrass Msny wearer of fslss teeth havf tMITered resl embarrassment because their plate dropped, slipped or wob bled at Just the wrong time. Do not tlve In fenr of this happening to you. Just sprinkle a little FA8TEKTH, the elkiillne (non-actd) powder, on your platen. Hold false feth more firmly, ao they feel more oomfortnble. Does not sour, checks "plate odor" (den ture breath). Get FA8TEETH at anj 4rug counter. use. Casualty losses include damage from fire, storm, flood, lightning, hurricane and other sudden unexpected or unusual causes. Thus, dam age from a bursting boiler or frozen pipe would be a cas ualty loss. The internal rev enue service also permits de duction for damage caused by the sudden infestation of ter mites. If you are covered by in surance, of course, the loss must be reduced by the amount of recovery. Payments on mortgage prin cipal are not deductable nor are expenditures for repairs or improvements. Complicated Provision For the home owner who sold a house during I960, the National Association of Home Builders points out, there is a somewhat complicated but very important provision of the tax law which permits a tax "postponement" or "for giveness" on profit from the sale of a house under certain conditions. The tax is "forgiven" if he buys another home within a period beginning one year be fore the date of the sale and ending one year thereafter, provided the "adjusted sales price" of the old residence is less than the cost of the new. "Adjusted sales price" is the selling price less expenses of sale and less any "fixing-up expenses" - work performed to improve the old house within 90 days of its sale. If the second house is sold, the seller is liable to a tax, and in this connection pay ment is "postponed." Other wise it is "forgiven." Frenchmen Admit Kidnaping of Child Paris - (UPD - Two young Frenchmen who had been "living it up" with beautiful women in a smart Alpine re sort have confessed they staged the kidnaping of auto mobile heir Eric Peugeot, 4, last year, the Interior Minis try has announced. Top police officials" said Pierre "Handsome Serge" Larcher, 38, and Raymond Rolland, 28, got the idea for the abduction from a cheap paperback novel about a kid naping, and chose their victim after a careful perusal of wealthy Frenchmen listed in a who's who volume. Tax Claim Against Bridges Settled San Francisco - (UPD - The Internal Revenue Service has settled tax claims of $82,000 against longshore union lead er Harry Bridges and two of his aides for $7,200. . Government officials an- Named Council Head Mt. Angel - Gerry Hugo of Eagle Point has been elected president of the House Coun cil of Gregory hall by the resident men at Mt. Angel college. Hugo, son of Mr. and Mrs. Gene D. Hugo, is a freshman, and a member of the honors program. He will hold office until the end of second semester. nounced the settlement was filed Monday in U. S. Tax Court in Washington. The claim was made in 1958 for taxes allegedly due on funds raised to defend the three against charges filed in 1949 of conspiracy and per jury. The men were acquitted after an appeal to the U. S. Supreme Court. Bridges, outspoken boss of the International Longshore men's and Warehousemen's Union, had said that the tax case was harassment by the government because of its fail ure to win convictions. The other two persons in volved were union Vice Presi dent J. R. Robertson and pen sion director Henry Schmidt. ATTENTION NAME - ADDRESS - - With no obligation, please send me full details of the prepaid hospital-doctor plan of . . . 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W Bedroom Example $1t4Q9S Trade-in Sale Bargain Price l"v $cnoo Allowance vU You Pay . . , TRADE 'N' SAVE '99' We Give You Trade-in Allowance on your old bedroom set Regardless of age, type or condition. TRADE and SAVE AT GATES Phone SP 2-4158 SAVE AT GATES BECAUSE: Open Monday Till 8 P.M. Take plenty of time to pay , . . trade 'n' save in every department. HURRY . . . LIMITED TIME ONLY! FREE Off-Street Parking FREE Delivery Service No Finance Company Member AFA 400 Store Buying Power FREE PARKING 341 N. Central (Between 3rd and 4th Sts.) Beside the Store ki fi un it nn i tt un if TRADE AT GATES AND SAVE MEDFORD AND GRANTS PASS 1
