[StBernard] According to LRA figures - taxes

[Westley Annis]

Jim,

Let's think this through.

House was valued at $160,000, now worth $6,000, for a loss of $154,000.
Write that off over several years, since I don't know how to turn a $10,000
cattle future into $100,000.

LRA finally, after two years, buys the property for $150,000.

It could be a $144,000 gain in the IRS eyes.  But, considering the only
people who are going to that mythical $144,000 is the former mortgage
company, I don't really see how it could be considered a gain.  Especially
when you consider, for the seven years I paid on the house, I was also
paying mortgage insurance, which means even if I defaulted on the mortgage,
the bank would still get their money.

So, I've spent roughly $4,500 over seven years paying for mortgage
insurance, the bank gets paid in full, and I still have to pay $25,000 to
the IRS.  Somehow it just doesn't look like I gained a damn thing except
more headaches, heartaches, and desire to shoot anybody associated with the
revenuers.

Sounds like a politician/bureaucrat to me.  Stealing the money out of my
pocket the whole time he's saying how sorry he is for my plight.  PPBBTT!!!

Westley


-----Original Message-----
Bob F :

It's amazing how folks fail to read or comprehend.  They filed a loss on
their taxes to reduce taxable income and either got money back or reduced
the liability.  Then they want to gripe and expect to get the same amount on
the LRA grant!  LOL!  Now that's double-dipping.  (sounds like a bunch of
Democrats doesn't it Westley? <g>  )


JLY


	-----------------------------------------------------
	" The grants, which are averaging about $60,000, are not directly
taxable.
	But the Internal Revenue Service says Road Home recipients who
claimed a
	storm loss on their taxes last year should count the grants as
income on
	their federal tax returns this year. " 
	
	For those who claimed uninsured losses in a prior year resulting in
paying
	less tax, it is only appropriate that grant money equall to the loss
	deduction be considered as income in the year it is received. Not to
do so
	would be considered a duplication of benefits IMHO.
	
	
	
	Bob F.