On 3/31/19 5:03 PM, justsumname wrote:
The IRS website shows what changed. Tax rates did in fact go down...
but deductions were eliminated and/or capped lower and so that's where
the sticker shock is coming from. Itemized deductions were capped at
10k for example, if I remember correctly.
Two observations ... a very broad brush summary:
--no longer are people with big mortgages being tax-subsidized by people
with smaller mortgages
--no longer are States with low(er) property taxes tax-subsidizing
States with high(er) property taxes
State and local income tax is capped at $10k deduction.
https://www.irs.gov/newsroom/tax-reform-brought-significant-changes-to-itemized-deductions
Mortgages are capped at $750k for new mortgages after Dec 31, 2017.
https://www.irs.gov/publications/p936
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