Sat Nov 24, 2018, 12:21 PM
GoneOffShore (17,138 posts)
And another tax exemption goes away to screw people -
The following was just posted on Facebook by a friend:
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9 replies, 2418 views
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Author | Time | Post |
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GoneOffShore | Nov 2018 | OP |
beachbum bob | Nov 2018 | #1 | |
dameatball | Nov 2018 | #2 | |
GoneOffShore | Nov 2018 | #4 | |
still_one | Nov 2018 | #3 | |
GoneOffShore | Nov 2018 | #5 | |
still_one | Nov 2018 | #6 | |
GoneOffShore | Nov 2018 | #7 | |
D_Master81 | Nov 2018 | #8 | |
customerserviceguy | Nov 2018 | #9 |
Response to GoneOffShore (Original post)
Sat Nov 24, 2018, 12:50 PM
beachbum bob (10,437 posts)
1. Consequences of elections
Response to GoneOffShore (Original post)
Sat Nov 24, 2018, 01:01 PM
dameatball (7,251 posts)
2. You need to contact your mortgage holder if they had been paying the premium prior to the last
three years. I had a similar problem with my bank last year. Seven years ago, I refinanced my house into just in my name after a divorce. My flood insurance premiums were paid by the mortgage holder automatically every year for six consecutive years. Suddenly, this past year I got a letter from the mortgage holder wanting an updated copy of my flood insurance policy. Otherwise they were going to stop paying the annual premium. Between multiple calls from my local insurance agent and myself we finally got the national flood insurance company to send a copy to my mortgage holder. It was a real hassle all around. I also found out that the national flood insurance company would only work with my agent, which I thought was weird.
The point of all this is that if your premiums had been being paid previously, the mortgage holder should have at least notified you of any impending problems. If they did not, you may have a case. Slim chance perhaps. |
Response to dameatball (Reply #2)
Sat Nov 24, 2018, 02:16 PM
GoneOffShore (17,138 posts)
4. I'll pass this information on to the person it happened to.
Response to GoneOffShore (Original post)
Sat Nov 24, 2018, 01:05 PM
still_one (89,128 posts)
3. Sorry for your situation. The whole tax fiasco is a fraud. The personal exemption has also been
eliminated, along with certain itemized deductions, which will affect those mostly in blue states with high housing and property taxes. Yes, this was a punitive tax bill.
Those who used to itemize deductions may find that won’t happen now since the standard deduction has been raised, but either the loss of the personal exemption, they will find they will be actually paying more tax Those at lower incomes who didn’t itemize before will also lose the personal exemption, but the increase in the standard deduction will most likely realize less tax for them, but it will not be any windfall for sure, and with the whittling down of the ACA, those who choose to keep that insurance will find much of that tax gain will go to increased premiums. With the trade war they will find the cost of everything will be higher, so much of that so called tax cut will go to the higher costs It will be the wealthiest that will benefit the most, and the Reagan trickle down economics will be shown again to be a complete failure |
Response to still_one (Reply #3)
Sat Nov 24, 2018, 02:17 PM
GoneOffShore (17,138 posts)
5. This didn't happen to me, but to a Facebook friend.
Response to GoneOffShore (Reply #5)
Sat Nov 24, 2018, 02:28 PM
still_one (89,128 posts)
6. Still sorry for what your FB friend is going through
Response to still_one (Reply #6)
Sat Nov 24, 2018, 03:25 PM
GoneOffShore (17,138 posts)
7. Thank you.
Response to GoneOffShore (Original post)
Sat Nov 24, 2018, 03:33 PM
D_Master81 (1,810 posts)
8. Yeah it sucks
Told a guy I know a few months back who had some flood damage he couldn’t even write off the losses on taxes this year. Needless to say he wasn’t pleased.
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Response to GoneOffShore (Original post)
Sun Nov 25, 2018, 02:58 AM
customerserviceguy (25,182 posts)
9. I used to be a tax accountant in the 1980's
And during that decade, I saw all kinds of tax breaks eliminated. It seems to be inevitable that we will eventually just have a standard deduction, and nothing else for ordinary individuals.
Frankly, I never really liked the charitable exemption, especially as it applied to religious organizations. What church you go to, and how much of your income you choose to give them is purely your own business, and not something that the rest of us should subsidize. |