Kick them while they're down. Today's headline is from CityBusiness. The headline is Some Road Home recipients will be taxed for grants posted on September 17, 2007 at 10:30am.
If you claimed a casualty loss in 2005 on your home due to Katrina AND you have received money from the Road Home Program (has anyone?), you not only will have to pay taxed on the road home grant, you may be pushed into a higher tax bracket meaning higher taxes all around. If you are on social security, you could go from no taxes due to having to pay. Like a kick to the head.
Quote: "Of course, you'll have to be careful to explain to the client the tax consequence, but people will still want to roll the dice," he said. "Cheating on taxes is a game, but I hope they know if they get caught, the penalties and interest will eat them alive."
Monday, September 17, 2007
Some Road Home recipients will be taxed for grants
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