Yeah, our taxes don't reach that threshold. Mainly because we bought our
house over 2 decades ago, and Prop. 13 keeps the valuation from rising
too fast.
bp
<part15sbs{at}gmail{dot}com>
On 3/31/2019 6:22 PM, Seth Mattinen wrote:
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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