...but property values out here are in the twilight zone.
--
bp
part15sbs{at}gmail{dot}com
On Mon, Apr 1, 2019 at 7:12 PM Bill Prince <[email protected]> wrote:
>
> Our property tax is around $700/month. Insurance is a separate thing
> around $110/month (but we pay both annually).
>
> --
> bp
> part15sbs{at}gmail{dot}com
>
>
> On Mon, Apr 1, 2019 at 7:10 PM Chuck McCown <[email protected]> wrote:
>
>> Gheeze, my property tax+insurance averages $700/ month
>>
>> Sent from my iPhone
>>
>> On Apr 1, 2019, at 8:00 PM, Forrest Christian (List Account) <
>> [email protected]> wrote:
>>
>> Mine appraised at 334K when I refinanced a couple years back. Tax bill
>> is around $2.8K.
>>
>> We also don't have a sales tax in the majority of the state (a couple of
>> tourist towns have a local sales tax to help pay for infrastructure that
>> the tourists consume).
>>
>> We do get hit a bit harder than most on income tax if you're in the top
>> couple of brackets.
>>
>> On Mon, Apr 1, 2019 at 5:34 PM Mike Hammett <[email protected]> wrote:
>>
>>> I purchased my house last year for $150k. It appraised for $200k. I pay
>>> $6,200/year in property taxes.
>>>
>>>
>>>
>>> -----
>>> Mike Hammett
>>> Intelligent Computing Solutions <http://www.ics-il.com/>
>>> <https://www.facebook.com/ICSIL>
>>> <https://plus.google.com/+IntelligentComputingSolutionsDeKalb>
>>> <https://www.linkedin.com/company/intelligent-computing-solutions>
>>> <https://twitter.com/ICSIL>
>>> Midwest Internet Exchange <http://www.midwest-ix.com/>
>>> <https://www.facebook.com/mdwestix>
>>> <https://www.linkedin.com/company/midwest-internet-exchange>
>>> <https://twitter.com/mdwestix>
>>> The Brothers WISP <http://www.thebrotherswisp.com/>
>>> <https://www.facebook.com/thebrotherswisp>
>>>
>>>
>>> <https://www.youtube.com/channel/UCXSdfxQv7SpoRQYNyLwntZg>
>>> ------------------------------
>>> *From: *"Bill Prince" <[email protected]>
>>> *To: *"AnimalFarm Microwave Users Group" <[email protected]>
>>> *Sent: *Monday, April 1, 2019 5:52:38 PM
>>> *Subject: *Re: [AFMUG] OT: Tax cut my ass...
>>>
>>>
>>> Wow. Your property taxes seem pretty high. Similarly, here in
>>> California, property taxes are not a state tax at all, but a local tax to
>>> (primarily) pay for schools.
>>>
>>> When we had our S corp, our CPA advised us to pay a salary, but only
>>> enough to keep the IRS satisfied that we were paying salaries. So we each
>>> took a token salary, and any excess revenue was taken as a "distribution to
>>> shareholders". We paid minimal payroll taxes as a result.
>>>
>>> --
>>> bp
>>> part15sbs{at}gmail{dot}com
>>>
>>>
>>> On Mon, Apr 1, 2019 at 3:12 PM Ken Hohhof <[email protected]> wrote:
>>>
>>>> FWIW, property tax is typically a local tax, not a state tax.
>>>> Illinois does not have a state property tax, and around 2/3 of property
>>>> taxes go to fund school districts.
>>>>
>>>>
>>>>
>>>> I still live in the house we bought in 1976. We added two bedrooms and
>>>> a family room after we had kids. It is not a mansion, but we live in
>>>> DuPage County, in a town on one of the commuter rail lines. My property
>>>> tax bill is around $19,000. More than some neighbors, less than others.
>>>> Add the state taxes, and the $10,000 cap on SALT means I will be paying
>>>> federal tax on at least $10K that I didn’t pay tax on last year and that I
>>>> never received as disposable income. My wife died 2 years ago so my
>>>> standard deduction is $12K not $24K. Yes that is higher than last year,
>>>> but that’s cancelled out by the personal exemption going away. I have one
>>>> kid who lives with me, but that doesn’t help me with taxes.
>>>>
>>>>
>>>>
>>>> Lots of people, especially seniors, are probably in the same situation
>>>> as me. If you don’t have a large income so you can pay the substantially
>>>> higher taxes, the federal government is essentially telling you that you
>>>> have to move out of your house. And I think for a lot of people the
>>>> withholding tax formulas didn’t properly account for this change.
>>>>
>>>>
>>>>
>>>> I think you are oversimplifying this as we’re finally sticking it to
>>>> the state governments who spend and tax too much. In the case of property
>>>> tax, it’s not even a state tax. And it’s not like property taxes were
>>>> invented yesterday or during the administration of <fill in whatever
>>>> President you didn’t like>. Like I say, I’ve lived here for over 40 years,
>>>> paid property taxes the whole time, but I didn’t then also pay income tax
>>>> on that money that I never got to spend. It’s not taking any money away
>>>> from the state of Illinois, and it has no effect on the state’s spending or
>>>> taxing decisions. It just takes several thousand dollars out of my wallet.
>>>>
>>>>
>>>>
>>>> The other thing I’m going to have to discuss with my accountant is the
>>>> S Corp pass through change. It could be really stupid now for my company
>>>> to be paying me a salary, maybe a distribution would be the way to go. I’m
>>>> not sure. I always tried to do the right thing and pay myself a reasonable
>>>> salary so the government could get their various payroll taxes, but maybe
>>>> I’m being a moron.
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>> *From:* AF <[email protected]> *On Behalf Of *Steve Jones
>>>> *Sent:* Monday, April 1, 2019 4:16 PM
>>>> *To:* AnimalFarm Microwave Users Group <[email protected]>
>>>> *Subject:* Re: [AFMUG] OT: Tax cut my ass...
>>>>
>>>>
>>>>
>>>> the state has their right to do as they please, but they dont have the
>>>> right to do it on the feds back. why arent the states offering credits on
>>>> federal taxes?
>>>>
>>>>
>>>>
>>>>
>>>>
>>>> On Mon, Apr 1, 2019 at 2:29 PM Carl Peterson <
>>>> [email protected]> wrote:
>>>>
>>>> Whatever happened to states rights? The states have a right to decide
>>>> what level of service/taxation they like. What it BS is the federal
>>>> government taxing you on money that you never made because it was taxed at
>>>> the state level.
>>>>
>>>>
>>>>
>>>> On Mon, Apr 1, 2019 at 11:06 AM Steve Jones <[email protected]>
>>>> wrote:
>>>>
>>>> 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
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>>>>
>>>>
>>>>
>>>> --
>>>> - Forrest
>>>>
>>>> --
>>>> AF mailing list
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>>>>
>>>> --
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>>>>
>>>>
>>>>
>>>>
>>>> --
>>>>
>>>> Carl Peterson
>>>>
>>>> *PORT NETWORKS*
>>>>
>>>> 401 E Pratt St, Ste 2553
>>>>
>>>> Baltimore, MD 21202
>>>>
>>>> (410) 637-3707
>>>>
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>>>
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>>
>>
>> --
>> - Forrest
>>
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>
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