All state and local taxes (SALT) limited to $10K deduction so income tax, sales
tax, and property tax. Trust me, it's not hard to exceed $10K in property
taxes alone. Also property tax is typically local, not state, and in many
areas is the primary means of funding public schools.
Real estate tax on farmland used for crops and livestock is still 100%
deductible.
-----Original Message-----
From: AF <af-boun...@af.afmug.com> On Behalf Of Bill Prince
Sent: Sunday, March 31, 2019 8:41 PM
To: af@af.afmug.com
Subject: Re: [AFMUG] OT: Tax cut my ass...
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
>
--
AF mailing list
AF@af.afmug.com
http://af.afmug.com/mailman/listinfo/af_af.afmug.com
--
AF mailing list
AF@af.afmug.com
http://af.afmug.com/mailman/listinfo/af_af.afmug.com
