8:53PM EDT November 1. 2012 – Thanks to Superstorm Sandy, you’ve got cod in your basement, your roof is in your neighbor’s backyard, and your car’s stuck in the mud somewhere in the swamps of Jersey.
You lucky person! You might get a tax break. But it’s not a generous one, and it takes a fair amount of work to get it.
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REAL estate and building industry groups have loudly condemned proposals by both presidential campaigns to shrink the mortgage interest deduction. Central to their arguments is the long-hallowed deduction’s value to the middle class. But a closer look at who benefits suggests that this perception, though prevalent, is not accurate.
Read more: http://tinyurl.com/9qmaaqe
Trulia’s Chief Economist discusses why a low cap on itemized deductions would reduce homeownership benefits for the middle class. That’s because housing-related tax deductions, including home mortgage interest and real estate taxes, account for 49% of total itemized deductions, and for middle-income tax itemizers, 56% of deductions are housing-related.
Read more: http://tinyurl.com/8d7ddla
Tax nerds may be able to spout off Internal Revenue Code Sections, but most people never get beyond 401(k). (That’s right, your workplace retirement savings plan is named after a section of the tax code.)
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