Im glad they dropped the SALT to 10 percent. I wish they would phase it out to zero. Force the states to get their houses in order, force people to make more sound decisions in both purchases and in whom they check off at the ballots. No more raising taxes and saying, its all good, you can write it off on your federal.
On Mon, Apr 1, 2019 at 1:53 AM Forrest Christian (List Account) < [email protected]> wrote: > One gotcha I found with my taxes (when doing the estimates for the > extension) is that many preparers and tax software don't handle the > pass-through entity deduction correctly. > > If you have a s-corp or a partnership or a LLC or similar which passes > through it's income to you, then in many cases up to 20% of this can > be written off regardless of what else is going on on your return. > I.E. it's a separate deduction from either your standard or itemized > deduction. > > I though I was getting hit really hard until I figured out that this > hadn't been applied correctly. > > On Sun, Mar 31, 2019 at 8:32 PM Ken Hohhof <[email protected]> wrote: > > > > 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 <[email protected]> On Behalf Of Bill Prince > > Sent: Sunday, March 31, 2019 8:41 PM > > To: [email protected] > > 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 > > [email protected] > > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > > > > > > > -- > > AF mailing list > > [email protected] > > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > > > -- > - Forrest > > -- > AF mailing list > [email protected] > http://af.afmug.com/mailman/listinfo/af_af.afmug.com >
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