Your tax quiz of the day
The O's tally of how much of her own money Nurse Amanda is spending to get re-elected to the Portland City Council just got revised from $250,000 to $300,000. Three hundred thousand Simoleons! Man, that ain't hay.
Here's a query for you tax types out there: How much of it will she get to write off on her and her husband's income tax return?
| Posted at 3:10 PM | Permalink |
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Comments (11)
Deductions: None.
Oregon income tax credit: $50 each, if they file separately; $100, if they file a joint return.
Posted by Dan Meek | October 17, 2012 3:20 PM
Yep. I put thirty grand into mine. No write off. Talk about buyer's regret!
Posted by Dave Lister | October 17, 2012 3:25 PM
My hope was to make it into a runoff with Sten and then fundraise to pay myself back. If she's re-elected, Amanda could do a fundraiser to reimburse herself some (or all) of that.
Posted by Dave Lister | October 17, 2012 3:27 PM
At least she's not likely to demand favors from herself.
Posted by The Original Bob W | October 17, 2012 3:36 PM
Since she is running for re-election she might qualify to deduct expenses associated with job-seeking (because each term is new employment in the same line of work). This would let her write off her business miles (which were likely inkinded to the campaign).
Jobseeking deductions can include resume expenses, but I doubt that tens of thousands worth of campaign literature would be covered.
Posted by Panchopdx | October 17, 2012 4:21 PM
Fundraising after an election, to pay off a debt, is one of (in my view) the biggest reasons why some version of publicly financed campaigns made/make sense, despite the many negatives.
Posted by Jonathan Radmacher | October 17, 2012 4:24 PM
"Can I buy a vowel?" -- Char-Lie Hales.
Posted by Mojo | October 17, 2012 4:58 PM
At least she's not likely to demand favors from herself.
If I take myself out to dinner, I sometimes try to take advantage of myself afterward.
despite the many negatives.
Like the unconstitutionality.
Posted by Jack Bog | October 17, 2012 5:59 PM
Sorry, by law I can't give you tax advice, Jack.
But if she is doing it for the children and has Romney's tax team on it, I would imagine she could deduct all of it plus 20 percent.
And the 50 bucks.
Posted by niceoldguy | October 17, 2012 6:08 PM
Will she have to line up and kiss the "rings" of future bailout donors?
Or can she avoid the obsequiousness by selling tickets to her inaugural ball?
Posted by Mister Tee | October 17, 2012 6:53 PM
Deductions: None.
I wouldn't be so sure. Can't she say that she's spending the money to maintain her current employment? Could be a deductible business expense -- probably "miscellaneous," though, which spells doom for the deduction under the ghastly alternative minimum tax. It's not clear to me whether she and her husband are in AMT land or not.
Under the regular income tax, "miscellaneous" deductions are subject to a "floor" of 2% of adjusted gross income, but $300,000 would exceed that unless they hit the lottery.
Posted by Jack Bog | October 17, 2012 10:58 PM