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Art show
solicits
entries Area artist are invited to enter their works in the 43rd Annual Neighborhood Art Show, which will be held May 11, 12, and 13 at Grace Episcopal Church in The Plains. As in the past, nationally recognized judges will award prizes in a broad spectrum of categories: painting, watercolors, drawing, prints (silkscreen, woodcut, etchings, etc.) sculpture, ceramics, mixed media, photography, and commercial design. There are also special divisions for young artists. Entry forms and information are available after Feb. 23 from Mrs. Gerald Thomas at (703) 253-5687. Applications must be in before April 6. The art works are due at the church on May 9. Entry fees are
Real Estate tsf Eileen M. Day REALTOR NEW MORTGAGE LIMIT The Tax Reform Act of 1986 did not have a chance for its ink to dry before it was changed by the Revenue Act of 1987. Under the original law, homeowners were allowed to deduct mortgage interest expense on their first and second home only if the mortgage did not exceed the total of the original cost plus the cost of improvements plus the cost of qualified educational and medical expenses. In addition. the mortgage could not exceed the fair market value of the house. Under the new act. there is now a deductible dollar limit on what is called acquisition debt: debt incurred to buy. construct, or substantially improve a house. That limitation is now $1 million ($500,000 for each married taxpayer filing separately). Unlike under the old rules, acquisition debt is not limited to the fair market value of the house. This change is important for some homeowners because the fair market value may not always be increased by as much as the cost to make the home improvements.
If there is anything we can do to help you in the field of real es tate please stop in at EILEEN M. DAY. Realtor. The Clopton House. Washington. Va. 22747. Phone 675-3033. Were here to help.
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