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A possible tax hit for
Sandy’s victims

Wall Street Journal, by Bill Bischoff

Original Article

Posted By:LadyVet, 11/8/2012 1:51:24 PM

In addition to the tragedy of lost lives and injuries, Superstorm Sandy caused many billions of dollars in property damage. The sad truth: disasters occur every year in America. If you’re unlucky enough to suffer a disaster-related casualty, here’s what you need to know about the federal income tax implications. Theoretically, our beloved Internal Revenue Code allows you to claim an itemized deduction — on Schedule A of your Form 1040 — for personal casualty losses to the extent they are not covered by insurance. Exactly what is a casualty loss?

Comments:
Just keep in mind that this 10% rule was put in the tax code by the DemocRATS in order to raise taxes on the masses without their knowledge. There is no lobby of future hurricane victims, so this was an easy mark for the Congress to make. No hurricane victim was going to invite them to an expensive dinner and talk tax policy or would have the funds left to make a big contribution to their re-election committee.

      


Post Reply  

Reply 1 - Posted by: Chief1942, 11/8/2012 2:27:35 PM     (No. 9000042)

Hey, hows that progressive/socialism working out for all you NorthEastern pukes? Sitting out here in the nice, warm, Southwest enjoying watching the misery your socio/political ideology has brought upon you.

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Reply 2 - Posted by: mr smart, 11/8/2012 2:48:13 PM     (No. 9000132)

Any countries sending us help? We help other countries.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: shamrock, 11/8/2012 3:02:47 PM     (No. 9000175)

Tax away, when you finally get some power to your shack, you can sit down and write a hefty check to your government. Hee Hee.

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Reply 4 - Posted by: fayebeck, 11/8/2012 3:07:49 PM     (No. 9000189)

A neighbor of mine whose parents live in Jersey and are liberal, says her folks have been without power for almost two weeks and it's really really hell for them. Told the liberal child that at least the parents are breathing clean air. Hope the misery lasts for at least six months for those idiots.

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Reply 5 - Posted by: LadyVet, 11/8/2012 6:44:50 PM     (No. 9000711)

Alicia Colon, a poster here as well as author of posted articles, says that the people on Staten Island voted Republican. Here's wishing them well.

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Reply 6 - Posted by: beca, 11/22/2012 9:01:07 AM     (No. 9029045)

hey nj....you get what you vote for........

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