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Real Estate f£>
'E/eenM. Day REALTOR =t~BIG
DEDUCTION STAYS 1 ' When it comes to taxes, home1 owners must have kissed the Blarney Stone. While tax shelters were axed |, sdl over the place, homeowners came ' 9Ut of tax reform clear winners. ' ‘ New restrictions on the amount of personal interest that you can de, duct were put in place. But the latest :' tax law contains a big exception for ‘ 'homeowners. You can deduct mortgage interest (probably your biggest tax deduction) for not only your principle residence, but for a second i home as well. •; ■ if you incurred the mortgage debt prior to August 16, 1986, you can
deduct interest on the debt up to the „ -1 full market value of your home. In I i other words, you are “Grandfathered”
in and there is no change. ‘ If you incurred the debt AFTER ! i that magic date (8/6/86), you can deduct
an amount up to the purchase ; "price plus any improvements you « have made. However, you can bor!' row up to the FULL market value ! and deduct the interest if the money | is used for medical or educational exJ penses. « If there is anything we can do to 1 help you in the field of real estate • please stop in at EILEEN M. DAY, ! Realtor, The Clopton House, Wash! ington, Va. 22747. Phone 675-3033. 1 We’re here to help. i L i_
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