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Politics 2012: Ron Paul strategy keeps things interesting
NEW ORLEANS, Sept. 17 (UPI) -- Louisiana residents who received federal grant money to rebuild their homes after Hurricane Katrina may face higher income taxes next year.
If residents took a deduction for damaged property on their 2005 tax return, the law requires that the grant money they're given under the Road Home program be added to their taxable income in the year it's received, The New Orleans Times-Picayune reported Monday.
The newspaper said the Internal Revenue Service normally treats grants as a nontaxable gift unless the homeowner has already claimed a casualty loss in which case the IRS views it as a duplication.
New Orleans accountant Jerry Schreiber has spent much of the past year delivering the bad news about the taxability of the Road Home program to angry clients and colleagues.
Schreiber told the Times-Picayune in the case of Social Security recipients, they could go from not having to file a federal tax return to having to pay taxes on all their income.
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