Arrive at 9:30 a.m. for a preview with the live auction beginning at 10:30 a.m.

Quilting items, sewing notions, tons of fabrics, knitting and yarns, patterns, books and any items related to fiber handcrafts will be auctioned. Many silent auction items also will be available. Visa and MasterCard will be accepted.

Don't miss out on this fun event. If you have any questions, please call Julie at 349-0846 or visit the Ladies of the Lake Quilt Guild Web site at www.LLQG.org.

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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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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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O'Hara will share her experience at Sevinch & Co., Cairo, Egypt. There she helped the company set up and run their AVL hand jacquard loom which included teaching the owners the jacquard software (ArahWeave).

During her time in Cairo, O'Hara also analyzed antique jacquard ribbons and weaving prototypes. These ribbons are added to the existing line of amazing passementerie (fancy tassels and trims) that the artisans already weave at lightning speed on handmade looms.

In Florence, Italy, O'Hara was invited to participate in a Textile Symposium for Jacquard Weaving Teachers at the Lisio Foundation. Founded in 1971 by the daughter of the man who started the Lisio weaving company in 1906, the foundation saved 12 looms from a factory that is no longer operating.

Lisio and O'Hara wanted to ensure the preservation of antique textile techniques and the manufacture of traditional fabrics that are no longer produced by modern industry. The foundation broadens textile culture by teaching classes in creating jacquard textiles on old jacquard looms and filling custom orders of hand-woven brocades and velvets.

Currently, O'Hara has created a new line of landscape tapestries inspired by her move to Lake County in 2000. With individual thread control, she captures Lake County’s seasons in detailed lush weave structures not possible with other looms. Examples of these beautiful tapestries will be on display and one poster will be raffled off following her presentation.

This year marks the 108th year of Middletown Luncheon Club. Each month lunch is provided by local nonprofits and is open to the public for only $5 at the door.

The Middletown Luncheon Club meets on the third Wednesday of every month (except December) at the Community Methodist Church Social Hall, 15833 Armstrong St., Middletown.

For more information visit www.EcoArtsofLakeCounty.org.

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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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