Propert Tax?
12-26-2017, 10:05 AM
#11
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Originally Posted by KnightFlyer
The good news: both the House and Senate tax reform bills would eliminate the AMT for 2018 and beyond.
Originally Posted by busdriver12
If you wait, your property tax + state tax deduction will be limited to 10K in 2018, so you would need at least 14K in charitable deductions to make it worthwhile to itemize. We lose employee tax deductions.
It's getting complicated.
It's getting complicated.
Overall, I think its less complicated for most people.
Originally Posted by busdriver12
Yes, you can still fully deduct your mortgage (below 1 million), but I was only addressing the deductions the OP spoke of.
Last edited by FXLAX; 12-26-2017 at 10:27 AM. Reason: grammar
12-26-2017, 10:13 AM
#12
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The mortgage deduction limitation went down to 750K, but only for new mortgages. The million dollar limit remains the same. I think you can even refinance a current mortgage and still keep the old limits.
People who had high SALT deductions are definitely screwed.
People who had high SALT deductions are definitely screwed.
12-26-2017, 10:35 AM
#13
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Originally Posted by busdriver12
If you wait, your property tax + state tax deduction will be limited to 10K in 2018, so you would need at least 14K in charitable deductions to make it worthwhile to itemize. We lose employee tax deductions.
It's getting complicated.
It's getting complicated.
Those were Line 21 on the Schedule A - 2016, Form 1040.
...those were a lot of small cats-and-dogs everyone chased around and added up each year.
12-26-2017, 10:38 AM
#14
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Originally Posted by DLax85
So no more "pilot-related" "Job Expenses and Certain Miscellaneous Dections D (...unreimbursded employee expense - job travel, union dues, etc..)..??
Those were Line 21 on the Schedule A - 2016, Form 1040.
...those were a lot of small cats-and-dogs everyone chased around and added up each year.
Those were Line 21 on the Schedule A - 2016, Form 1040.
...those were a lot of small cats-and-dogs everyone chased around and added up each year.
12-26-2017, 10:40 AM
#15
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Posts: 2,756
Originally Posted by DLax85
So no more "pilot-related" "Job Expenses and Certain Miscellaneous Dections D (...unreimbursded employee expense - job travel, union dues, etc..)..??
Those were Line 21 on the Schedule A - 2016, Form 1040.
...those were a lot of small cats-and-dogs everyone chased around and added up each year.
Those were Line 21 on the Schedule A - 2016, Form 1040.
...those were a lot of small cats-and-dogs everyone chased around and added up each year.
Apparently those deductions go away. Quite a bit of irritation on other APC threads.
12-26-2017, 10:43 AM
#16
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Originally Posted by FXLAX
No more deductions for uniforms, union dues, moving expenses, employer required medical exams, per diem differential between reimbursement rate and federal rate. Now we get double the standard deductions. So unless those things added up to more than double of the current standard deduction, you are better off.
12-26-2017, 10:54 AM
#17
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Originally Posted by busdriver12
Not exactly. We also lost ALL exemptions ($4,050 per person, I believe). If you have children and itemized, particularly if you live in a high tax state, you are probably worse off. God forbid you have a lot of kids, you'll pay more for sure with the exemption loss.
12-26-2017, 10:56 AM
#18
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Originally Posted by busdriver12
Not exactly. We also lost ALL exemptions ($4,050 per person, I believe). If you have children and itemized, particularly if you live in a high tax state, you are probably worse off. God forbid you have a lot of kids, you'll pay more for sure with the exemption loss.
12-26-2017, 11:06 AM
#19
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Originally Posted by Flyinhigh
Again, every one needs to do their own calculation, but I believe the $2,000 child tax credit along with the expanded brackets and lower rates within these brackets will more than compensate for the loss of the personal exemption.
"To qualify, a child must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit. The child must be your own child, a stepchild, or a foster child placed with you by a court or authorized agency."
Most Juniors and Seniors in High School, and College age kids you supported, previously qualified for the exemption --- they won't qualify for the expanded child tax credit
Like most things in life, the affects of these tax changes will be very situational.
12-26-2017, 11:19 AM
#20
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Posts: 2,099
Originally Posted by DLax85
...Until your kid "ages out" of the "child tax credit"
"To qualify, a child must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit. The child must be your own child, a stepchild, or a foster child placed with you by a court or authorized agency."
Most Juniors and Seniors in High School, and College age kids you supported, previously qualified for the exemption --- they won't qualify for the expanded child tax credit
Like most things in life, the affects of these tax changes will be very situational.
"To qualify, a child must have been under age 17 (i.e., 16 years old or younger) at the end of the tax year for which you claim the credit. The child must be your own child, a stepchild, or a foster child placed with you by a court or authorized agency."
Most Juniors and Seniors in High School, and College age kids you supported, previously qualified for the exemption --- they won't qualify for the expanded child tax credit
Like most things in life, the affects of these tax changes will be very situational.
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