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Becky Schertenleib & Nan Wimmers
Columbia Gorge Real Estate (541) 296-5500 thedallesrealestate@gmail.com http://www.columbiagorge-realestate.com 
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Becky Schertenleib & Nan Wimmers
Columbia Gorge Real Estate (541) 296-5500 thedallesrealestate@gmail.com http://www.columbiagorge-realestate.com
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When Wasco County was created, Jan. 11, 1854, it comprised all the area of the Oregon Territory between the Cascade Range and the Rocky Mountains, an empire in itself. By successive takings for other states and counties, the area of Wasco County has been reduced to 2408 square miles. Wasco is the modern name for a tribe of Indians. Early writers used the name in many forms. Woss in "Fur Hunters of the Far West, v.1, p. 186," speaks of the Wiss-co-pam tribe. Lee and Frost in "Ten Years in Oregon, p. 176," give Was-co-pam. For references to various spellings, see "Handbook of American Indians, v.2, p. 918." About the time of the immigrations white people shortened the name to Wasco. The Wasco Indians were a Chinook tribe, formerly living on the south side of the Columbia River, in the vicinity of The Dalles. The name Wasco is said to be derived from the Wasco word wacq-o, meaning a cup or small bowl made of horn. "The Handbook of American Indians, v.2, p. 917", says this referred to a cup-shaped rock near the main village of the tribe, but Dr. William C. McKay, in an article in The Dalles Mountaineer, May 28, 1869, said that the name Wasco meant makers of basins, and that the literal meaning of the word was horn basin. Some of these basins were fantastically carved. Both of the explanations may be correct. Dr. McKay said that the locality of the city of The Dalles was called Winquatt, signifying a place surrounded by bold cliffs.
-- Source: Oregon Geographic Names, Sixth Edition, 1992, Lewis L. McArthur, Oregon Historical Society Press, ISBN O-87595-237-2.
Misunderstood 3.8% Tax Hits Few Sellers Next Year By: Julian Block Published: August 9, 2012 As of 2013,
a new tax on home owners takes effect, but don’t worry — it’s not likely to affect you. Here’s why. What the tax is: A 3.8% tax on investment income from some sources, such as dividends, interest payments, and capital gains; and a last-minute addition to healthcare legislation, enacted in 2010, to help shore up Medicare. It affects a limited group of high-income people. Specifically, the 3.8% tax applies only to joint filers with an adjusted-gross income (AGI) above $250,000 ($125,000 for married couples filing separate returns) and single filers with an AGI of more than $200,000. Another limitation is that it’s imposed on the smaller of: 1. A person’s investment income, or 2. The amount by which AGI exceeds the threshold amounts of $250,000/$125,000 or $200,000. What the tax isn’t: The health care legislation didn’t change the existing capital gains exclusions for profits on the sale of personal residences. If you sell your home, you’re married, and you file jointly, you can still exclude up to $500,000 in profit; if you’re single or married and file separately, you can exclude up to $250,000. You just have to own and live in the property as a principal residence for at least two years out of the five-year period that ends with the date you sell the home. So when does the 3.8% tax kick in? It only applies to home sale profits: If the profit exceeds the $500,000/$250,000 exclusion. When the portion of the profit above $500,000/$250,000 causes the seller’s AGI to exceed the threshold amounts. Let’s say a couple has an AGI of $325,000 and sells their home at a $525,000 profit (not sale proceeds, but profit). $500,000 of that gain is excluded; the $25,000 isn’t, and raises their AGI to $350,000. The couple’s revised AGI exceeds the $250,000 threshold for joint filers by $100,000. That’s more than the amount of their taxable gain ($25,000). So the 3.8% is applied to the smaller of these two amounts. They owe a surtax of $950 ($25,000 x 3.8%). Of course, other tax issues could come into play in your own situation, so consult a tax attorney. And if you're subject to this tax, gather documents that will help you lower your capital gains hit over the years — for instance, documents noting settlement or closing costs, such as title insurance and legal fees; and improvements, such as adding a room or paving a driveway. Routine repairs or maintenance, such as painting or papering a room or replacing a broken window pane, don’t count because they don’t add to the home’s value. The surtax, included in the law to offset the costs of healthcare reform, is expected to generate $325 billion over eight years. This article provides general information about tax laws and consequences, but shouldn’t be relied on as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
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Becky Schertenleib & Nan Wimmers
Columbia Gorge Real Estate (541) 296-5500 thedallesrealestate@gmail.com http://www.columbiagorge-realestate.com
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