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View Diary: Romney's 17,000 home mortgage mistake (43 comments)

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  •  Not just home owners (4+ / 0-)

    and charities will take a hit -- how about those who have medical expenses not covered by insurance?

    My mother-in-law recently spent a couple of months in a sub-acute nursing facility after a hospitalization; because she was in the hospital less than 3 days before being transferred, Medicare would not cover any portion of her facility stay, so she had to pay out of pocket at approx. $20K/month. Fortunately she could afford it because she's still got the proceeds from her house sale plus investments my late father-in-law set up. But those deductions come in handy when it comes time to settle up with the IRS; this year she got a little over $1K in refund, which her CPA applied to next year's tax bill. (Unlike Mitt Romney, her investment income isn't in the Caymans.) In addition, thanks to HIPAA, most of the expenses for her care in assisted living are also deductible.

    This proposal is going to screw a lot of people, middle class, seniors, the disabled, you name it.

    "If we ever needed to vote we sure do need to vote now" -- Rev. William Barber, NAACP

    by Cali Scribe on Wed Oct 03, 2012 at 11:43:25 AM PDT

    •  Happened to me (3+ / 0-)

      I used 401k money to pay for a bypass (long story, but in summary my insurance had maxed out); that money was a 75% of my income for the year but I didn't have a tax obligation on it anyway.

      Watch Mitt explain - when he's called on it - how I should have stiffed the hospital for a year so I could split the payments into two tax years.

      Mitt is so used to finagling his taxes he just assumes anyone can re-categorize expenses and get the benefits.

      Am I right, or am I right? - The Singing Detective

      by Clem Yeobright on Wed Oct 03, 2012 at 11:54:25 AM PDT

      [ Parent ]

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