Show bUIaM2 I 1 2 The Salt Lake Tribune (G DESERET NEWS 1 SALE OF NAill interest Points alkal d for a mortgage:: You can deduct as interest the points paid to a lender to obtain a new mortgage provided that the payment represents compensation paid to the lender solely for the use of money rather than for any specific services The points are fully deductible only in the year of payment If such a deduction causes a material distortion of your income the payment may be deducted proportionately over the life of the mortgage Your tax advantages as a homeowner continue as long as your interest real estate taxes and other deductions exceed the standard deduction With a fixed-rat- e regularly amortized mortgage the amount of mortgage interest declines over the lifetime of the loan as an I IMO HIGH-EFFICIE- : LENNOX ato 44is FURNACES tii Uwe with LENNOX a dependkle ttEr -- FrzErrItptcmva PH1 - 484'4402 - - -- Xit 1 ) 41 --- j 'f ‘4e) ' ' 'c1 : 1' 1 it:: '' i '''"-"-o- f - 1 -r 1 - - --- ' ' 44r '' Not kiAtiffe! '14: t- 4' ''' 4 - ''s"4' 14 -- '''t fr4r ' ° 113 - rs CI Z' '''t ' 1t1 j'Ai 1 ri I 11 I11I a "4 1 ct A 3 1° i- twt I 1 I ) a aa:o------ r --- - Ortter " ' ' -- --- "" 11 i 1) ' IL ' ' ' ' --- - -l- ei C4777::-'51:i7istr47- ------ — THORNE Homes — ig 1 'iMyt: MMAMMAnk Fr' 11PIE0 s ----- s as lw 4411 cit -' Models Open Daily 12 to 7 Sunday t:1 3-- 8 BY ULRICH REALTORS r 1 i 'flt - N t -- '4 ' i q itifittulitOga 1 '' al11111111111111 ' There are definite advantages these days to owning your own home — taxes of course being one of them profit will be deferred if you buy and occupy another home of equal or greater purchase price within 24 months before or 24 months after the sale of the old residence For example a home you bought 10 years ago for $40000 might be worth $100000 today giving you a $60000 profit if you were to sell But if you buy another house that costs $100000 or more the tax on the 60000 profit will be deferred The tax is not avoided — it is simply deferred until the home is later sold in a taxable sale that does not involve the purchase of a home of greater or equal value The profit you receive from the sale can be further reduced for deferment when you deduct the e4t - inoS1 following: 0 Thy cost of all improvements you made to the home — a new roof the addition of a room and installation of plumbing air conditioning or heating systems Fix-uexpenscs if they were incurred during the period before you entered into the contract to sett And there's a special tax break for people 55 or older If the home you sell has been your principal residence for a least three of five years $125000) of e your profit is YQ11 should note that this is a e exemption If this exis taken by a married emption couple who are over 55 both ties are recognized in the sion thereby giving up rights to any future exemption p 90-da- r y - tax-fre- one-tim- par-chi-h- t 1 j TE-- 44TAPRiCESe la T1 c FURMACE LOW pRica! 61E1:12 Nitb) x 11E1 t ' 50351011 - - 11 - YOUR CHOICE n q- tF10011:7000ACEETIt - -- L:a New High Efficiency Sathalimnrs:vtheesnSt7r:lu Thousands 2 Awatifilititing5 :' 1-- 'We're The Inside - i -" 1 -- Furnaces Will Pay for 29242654 S 01 FINANCING AVAILABLE 10 YEAR 966-206- 7 ' SSC SERIES output Reg $1756 i Willow Bay at 5600 South 3200 West MARMED -- w I'A-4--- $48950 to $148950 ns ' me oloo-a- - 1 a41kloKedkmvrkttriokezAn Call TERRY DORSEY - I 1t NEW HOMES FROM -- —— — uLim 1111 I - - 1 lo o 111111 pre r 4' i' 1 - 11 - t 001 New Homes in Bennion CORP 4 so ouctisawa401401hAiwe1alkmotg nrwor---prrwrr”vk- PRESENTS 00-- - - i ook7o----ai -- IMO - 1 all ONION1111111111 1T4NtIls rill' Financed by - WOO la - MAM RON It r- - JIM 114111MNELIIME —4 to k:t "')0 ' ' 77""'4"'""41tema4 A1):e0robliCi41141 a -I al ' CI -- 1 MI 1 71r ao 7 44a -- big tax benefits '' 1 tekrr1 - - - 114""4've-- n - t-- sie z' ‘ Altr '' ' - I f 11 t-- it '7 - c ! -- i- 4t r q - 4 ''s '''' !l og - - r--- - o ‘ monthly payments is applied to repayment of the principal The advantages of home ownership continue even when you decide to sell your home If you sell your home the tax on any WM1111116 TG4 Lyft:0 new heal system - off'N— trasto411A Z increasingly larger share of Servicing the Salt Leke area for 22 years I tnpac yrkt - NATURAL GAS : ' le Y 16 - ' pay off your mortgage early any fee paid as a prepayment penalty is considered PRE-SEASO- N VskVti41 can m savings for you In addition if you 30-ye- ar IT) s Ihome for all homeowners Mortgage Interest payments: In most cases you can deduct all of the interest paid on your mortgage For example interest payments on a $100000 mortgage at Illperceot interest amount to almost $10000 during the first year after purchasing the home This amount is an authorized deduction and represents a major Although tax laws are changing year to year owning a home remains one of the best investments and tax advantages people can choose As a homeowner an individual can deduct: Real estate taxes Mortgage interest payments Points paid for a mortgage For example: Real estate taxes: The full amount of annual real estate tax- - I - es (aLso called property taxes) is a permissible income tax deduction ad- homeowners? I ' OCTOBER 20 1991 li11)11 Did you know there are tax vantages available only to I SUNDAY Guy' GUARANTEE BEST QUALITY HEATING COMPANY 4 SEASONS Ah :1225 oll' 14 It ifintiatttliKR a 0 r ' 4 SEAS-Olox ok 0 '834 E13009467-889- 9 1 7 |