| Show 1 - ' I G2 The Salt Lake TribuneDeseret News Saturday I July 11 1992 1 Owning a home can provide major tax benefits If you recall April brings about incur by paying off your mor- two important and interrelated phenomena in America: tax time and the beginning of the home buying season Owning a home can provide major tax benefits each year Here's a brief description of some tax advantages of home ownership Interest and taxes Depending on your mortgage you may be able to deduct the interest you pay as well as the property taxes of your primary residence — whether it's a home or a condominium unit single- -family The Internal Revenue Service treats two items as deductible "interest" that you might not normally consider to be interest: tgage early and penalties charged for making late payments on your mortgage Home equity Owning a home offers an enforced savings plan — and today that equity has never been more vital ti r i I Li I c r j' 1 "" I ---- to reach ' ''' - f e SI''' - a 01'47641!1: ' rl" j: t: L ''''' Zillr''' ' L lft ''-- T- - ' i !0 -- '" ' - 4 : 1: I::: :: ' ? f 41 :: r-- ' t 0 II 4 : - - ' f er'! h' t : 1 4 :::--- r74 1 ' -- - 4Atiel -- - ' r ' ''''' I ' -- Ipl::0!!'1113: 1 A 11:: ton cal Ra 1 -- I 1to:P': 'Mil 4"4 s!I!'iiilt il '- Zi --- ! t Ge Olt sell - Li - Ti :: - - 'Nii t ' 4 1 t 1 e q 4 - '' i I:1 oe':":” Atof t ' : i ) ' 1 1 I :4 ' : of i ' I LA ' 1 F t— ' rq :' we '!'rt - 4 'i! :' - '' ' i ' i tim ' I i -- - 1 ' ing for 4 sel 19 tha act er There are some definite advantages to owning your own homes among them being tax savings Lighter colors are on their way Do you want to be a step ahead of everybody? Then 01etter tri Harclesm 1 you're ready for the color forecast 1 0 ' 11 : ' I— readers advertising choice - - ! 54- ! k 1 i - ' ! f - :' ' t Our Real Estate l - - ' t advertising experts are here to help you a 4 - :1 il ) ''4 )0' ''' ' '' - ro 't :-0 fr 1'1 imal Trent 237thy 4 The use of neutrals will stir up some wind again Neutrals always have been a staple — classic usable hues They've lost just a little bit of popularity during the past two or three years but luckily they're back in vogue Metallic colors are predicted to add sparkle the color palette These include gold copper silver and their muted counterparts such as satin brass and brushed chrome More accessories are being made with "sparkles" in them emitting a rather romantic t candlelight-lik- e atmosphere Make the Salt Lake Tribune and Deseret News your first - 1993-9- Trendy decorating colors are going to be bright and sunny! Citrus yellows and gold tones are in the horizon Lemon yellows and orange oranges are in And they will be the clean version to oRosemuddy or dull reports lmary Sadez Friedman a icensed interior decorator li 419A d'U 1 av u I Ani l over q t '' ' - i' : I) - - A 0 ' mosionnomollimm 0(1 ' ' : 1! Advertise In f - 1!e - ' ' ' : gee' tj'i‘'teer 0er'''':'''' 4x--le— '' jolowswinsommony It ! - '- -' oe''' i Deseret News r‘ Wodley ELI i ' t f 'I14f'"' ' for you to choose from this weekend rN See our ads in the Saturday et Sunday Classifieds in the Salt Lake Tribune & t S tk ' When you sell a home you usually generate profits — or 4001 sth OPEN HOUSTiO rSt -- 140 -- - 1J ' - ! I 237-280- 8 There's a hint of "puttin' on the ritz" with the metallics in wallpapers occasional tables and accessories Sparkles are weaving their way into fabrics also you haven't noticed ' the popular mauve has turned into lavender Well next year it will graduate to a more sophisticated purple not the e of stormy weather the past but not the childhood purple either — something in If grey-purpl- i between Yellow greens blue greens be seen a and berry reds will lot along with chambray blues reddened browns olive greens and forest greens Many of those colors sound dark but generally light bright colors are expected There are 40 colors forecasted by the Color Association of the United States Of those 40 Only 11 are dark while 24 of them are mid or light value and five are neutrals "Light colors are shown on a white background reflecting the new attitudes of the '90s in d while dark hues are shown on a black background which is a continuation of an '80s look" says CAUS toc 7 ma — Since there will be more show of lights and brights and less of the dark colors it is predicted that the backgrounds and major furniture will pieces be in the lighter and neutral colors and the burnished golds reddened browns olive greens etc will be the accents The sophisticated bubble will add an element of mystique and romance Aqua and a very pale peach coupled with purple makes a very attractive combination If you like deeper tones take this same purple and combine it with red and gold fora classic royal look The Color Association of the United States forecasts colors two year in advance so that clothing housewares furniture and many more industries can incorporate the trendy colors into the making of their products —i:7:: - --- ' -- --- - : - - ' t 1 i I — 4 4 1 wa les 4 - ! loo tivE 1147'41-:"!rz- r: Deferred capital gains a 3 1 ly 77Y-1771-77i We Have Over roSi C-- requirements you can take additional deductions when you use part of your home for business or rental oncein-a-life- time 1 Since the IRS has phased out the deduction for interest on personal loans subject to certain limits you may now borrow money against your equity to purchase cars education and other personal items — and retain the deductibility of the interest a prepayment penalty you might I you are 55 years or older are eligible to take a you tax exclusion on the sale of your home Depending on your filing status you can be If Points are considered fees of the mortgage money If you pay points in the purchase of a D Special deductions As long as you meet certain exclusions One-tim- e Points and fees tax-deferr- : exempt from up to $125000 in capital gains on the sale of your principal residence home they are deductible in the year in which they are paid (some restrictions apply) capital gains Generally you may defer paying taxes on those gains if you buy build or improve another home of at least the same value 1 1 L |
