8 outlandish tax deductions to skip in 2014
I thought that storm looked a little shifty
It's safe to say that nothing in recent memory hit New Jersey harder than Superstorm Sandy.
The deadliest and most destructive storm of the 2012 hurricane season lumbered ashore near Atlantic City two days before Halloween, leaving at least 125 dead and a $62 billion repair bill in its wake to become the second-costliest U.S. hurricane behind Katrina.
Each tax season, Christopher Arunkumar, a CPA with Breakpoint Assurance Company in Princeton, N.J., volunteers to spend a few hours fielding tax questions on a local TV call-in show. After Superstorm Sandy, several callers asked him to assess their chances of reeling in some federal recovery dough through some very sketchy tax deductions.
"One woman called in asking if she could take a tax deduction for some expensive trees around the house that she lost during Superstorm Sandy," he says. "Another caller whose barbecue grill flew away in the storm wanted to know if he could take it as a theft loss."
His answer in both cases? N-O.