[StBernard] LRA grants

Westley Annis westley at da-parish.com
Sun Apr 29 15:00:24 EDT 2007

Now I'm thoroughly confused...from the T.P. business section

he Answer Spot is a weekly feature that addresses your post-Hurricane
Katrina questions. To submit a question, e-mail it to
insurance at timespicayune.com
In Sunday's paper, someone asked if Road Home money was going to be taxable
income. The answer they received was that if you claimed a casualty loss
because of Hurricane Katrina that you would have to pay income tax on it. My
question is if I didn't claim a loss, is it still taxable?

The IRS is still determining how it will deal with the Road Home grants, but
the money you receive through the program probably will be taxable.
If you did not claim a deduction because of a Katrina-related casualty loss,
then you probably will not be able to count your Road Home grant as anything
other than taxable income.
Why would it be taxable income? CPA's ?

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