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- Written by: Editor
This year, one of the fundraising efforts will include flag sales.
For $20 the chamber will provide a beautiful American flag to display in front of your home or business on Memorial Day, Flag Day and Independence Day.
Just picture how festive our community will look with a sea of American flags waving up and down the streets during the spring and summer.
All proceeds from this fundraiser go to support Clearlake’s Fireworks Display held on Saturday, July 4.
Contact the Clear Lake Chamber of Commerce at 994-3600 or you can stop by the chamber at 3245 Bowers Ave. in Clearlake to order your flags.
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- Written by: Linda Kelly
LUCERNE – Lucerne will soon be showing a new mural on the Harbor Village landscape site.
As part of the Lake County Redevelopment Agency’s effort to bring new life, beauty and business to the Northshore, they have contracted with artist Gloria De La Cruz to paint a mural depicting a Lucerne landmark, the Lucerne Castle.
De La Cruz’s murals grace the walls of buildings in St. Helena as well as her paintings in oils and watercolors shown in galleries.
Since moving to Lake County six years ago, De La Cruz has created murals for Hot Rods in Clearlake Oaks and the Java Express in Clearlake as well as her continued artistic endeavors in other mediums.
Contributing his expertise as a faux painter, Xavier Pina had done many homes and businesses in the Los Angeles area before moving to Lake County four years ago. Pina can paint a Tuscan village on your wall or even depict faux stone.
Watch the mural as it progresses at 6197 E. Highway 20 in Lucerne.
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- Written by: Editor
The meeting will begin at 4:15 p.m. in the council chambers at Lakeport City Hall, 225 Park St.
Under old business, the commission will discuss the Forbes Creek Trail, Library Park, Westside Park and Westshore Pool.
New business items include providing recommendation to the Lakeport City Council regarding pursuing Proposition 84 grant funding, and discussion and possible action regarding moving meeting to second Thursday of each month.
The commission will then set the date of its next meeting on April 9 before adjourning.
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- Written by: Editor
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
However, proceeds of refinanced debt used for other purposes (for example, to pay off credit card debt) do not qualify for the exclusion.
If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other tax relief provisions, (for example, insolvency), may be available. See Form 982 for details.
If your debt is reduced or eliminated you will receive a year-end statement, Form 1099-C, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
The Internal Revenue Service urges borrowers to examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for your home (Box 7).
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at www.irs.gov.
A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
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