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Superstorm Sandy charity scams; Occupy Wall Street's debt forgiveness project

If you think we're caught in a time loop, the topics covered last week at my other tax blog will only add to your déjà vu.

Bankrate Taxes Blog iconSuperstorm Sandy continued to get attention, but this time it was because unscrupulous folks are trying to take advantage of the storm's damage, and its victims, for their own gain.

Not only are fake charities being created to dupe donors, but some crooks are posing as Internal Revenue Service reps to get access to storm vicitms' personal and tax data. So beware of Sandy charity scams.

Then we have Occupy Wall Street. You remember the protesters nationwide who staged sit-ins and rallies decrying the wealth of the 1 percent at the expense of the 99 percent. They still are ticked about the national wealth disparity, but Occupy's effort has morphed into a way to help some of the most debt-ridden members the 99 percent.

It's a generous idea, but it could have tax consequences for the benficiaries of Occupy's  Rolling Jubilee project to buy discounted consumer debt and forgive it. That might be the case if tax officials decide that the payoffs are taxable forgiven debt instead of tax-free gifts.

You can always check out my other tax posts over at Bankrate Taxes Blog, usually each Tuesday and Thursday.

If you happen to miss the original posts, check here on Saturday or Sunday for a summary.

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