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Show Strings to tax credits Colorado houe in the replacement house, I thought there wouldnt be any income tax to pay as a result of the sale. Now, the Internal Revenue Service tells me that I may have to repay that $2,000 Jlow can this be? A. With houses going up as fast as builders can find plaies to put them and with the demand for mortgages raising interest rates, it is amazing to realize that only a few years ago the government was credits to induce them to giving people income-ta- x buy new houses and condominiums. Iaonard Groupc Chicago Q In 1975, when we lived in Colorado we bought a new house and qualified for the five percent tax credit the government was giving that year, We paid 46,000 for the house and got the maximum tax credit of $2,000. In 1977, 1 was transferred to another state and bought a house for $65,000. Because I invested the entire proceeds of live sale of the By Sun-Tim- The Salt l.nke Tribune, But there were strings to those tax credits Only new construction qualified And, with seine exceptions, if you sold the house within three years, you would have to repay to ihe government the full amount of the tax credits unless you bought another new house to replace it within 18 months Q. Because of a combination of bad breaks during the last couple of years, I fell several months tiehmd with my mortgage When the insurance company settled my claim for the storm damage of last winter, it sent me a check payable to both me and the mortgage company I sent it to the mortgage company and asked it to deduct the Thurxtiy, Ifav fl 17, 11?? 1 1 current month's mortgage payment and refund the difference so that 1 could have the storm damage repaired Bow ever, the mortgage company took the entire '0W check and applied it to the mortgage. Does it have the right to do tins'1 A Yes, the mortgage company has the right to do this In the fine print of most mortgages there is a clause providing that in the event of insured damage to the house, the holder of the mortgage is entitled to have the insurance proceeds used to reduce the mortgage. Home Boked GOODNESS Prices good thru May 23 a For 2 Assorted Play Wheel cars and utility vans FC'2 " Magnetic photo fl'bum, 6 sheets 12 wire wh'Sks (12 fiwiauwiij 8 pages) 10 peg expanding rack, walnut finish, 18' v cast iron skillet wxTb For 2 Sets 3 funnels For 2 Aluminum Ice cream Sisal rope, Ping pong scoops '4" x 50 ft. $ Stainless steel vegetable steamer For 2 0 For 2 Latex gloves with rton-slf- p grip For 2 Sstr 3 rubber scrapers For 2 Sets 3 wooden spoons For 2 Can openers ii paint brushes, your choice Decorator place mats LI For 2 Pairs Aluminum sauce qt, 1 qt, 2 qt pans, For 2 UL approved immersion heater, reg 2 97 Metal toy tea set Planter baskets, choose from 7" or 8 size, asst styles For 4 3 x 5 serving tongs Ice picks with holders Lifelike polyester flowers X4'!A Set of 3 For 2 8V4 For 3 1", IV2, 2" K Plastic salad servers U tables For 2 Die cast metal Fastwheel cars, many styles Ironing cover and pad set, fits 54 ironing books Medium sized wicker baskets, choose from a huge assortment spiral memo Play Kid,M 6 styles For 3 Whiz-awa- aids y cleaning sets, 4 paint brush , |
