OT: Taxes. Farck

[C40_guy]

Just started on pulling my tax information together. Knew about the $10K mortgage/tax limitation.

Didn't know that last year the tax rewrite also did away with the deduction for "Employee Unreimbursed Business Expenses."

I work out of a home office and that deduction was worth a fair amount each year. Connectivity, supplies, software, etc.

Even things like paying for flight upgrades out of my pocket...gone.

Farck.

[Ozz]

Originally Posted by C40_guy

Just started on pulling my tax information together. Knew about the $10K mortgage/tax limitation....
Farck.

"The deduction for interest is capped at $750,000 for mortgage loan balances taken out after Dec. 15 of last year. The limit is still $1 million for mortgages that were established prior to Dec. 15, 2017."

My wife and I figure we will never have another mortgage (i.e. move) again...

It's the property tax that is capped at $10K

"The itemized deduction is limited to $10,000 for both income and property taxes paid during the year."

That is going to sting....no income tax in WA.....Sales, Gas and Property taxes run our state.

[Joxster]

Do you have to pay taxes during the government shutdown? I would deem that as non essential

[sfscott]

more evidence of people routinely voting against their self-interest based on aspirations.

[C40_guy]

Originally Posted by Ozz

"The deduction for interest is capped at $750,000 for mortgage loan balances taken out after Dec. 15 of last year. The limit is still $1 million for mortgages that were established prior to Dec. 15, 2017."

My wife and I figure we will never have another mortgage (i.e. move) again...

It's the property tax that is capped at $10K

"The itemized deduction is limited to $10,000 for both income and property taxes paid during the year."

That is going to sting....no income tax in WA.....Sales, Gas and Property taxes run our state.

Thanks, I stand corrected. Then something weird is going on with the new Turbotax, because my real estate and automotive excise taxes are collectively far below $10K. And it's giving me a "ceiling" message...

[Edit] Farckers commingled state/local income taxes, sales taxes, real estate taxes and more to establish the $10K ceiling.

[FlashUNC]

Originally Posted by Joxster

Do you have to pay taxes during the government shutdown? I would deem that as non essential

Only 25% of the government is shut down. Remaining 75% has been funding already through other appropriations.

[pdmtong]

Originally Posted by C40_guy

Just started on pulling my tax information together. Knew about the $10K mortgage/tax limitation.

the $10k limitation is just another e f f you to blue California from the admistration

[SpokeValley]

...and any other high tax, high property value state. There are several.

[Ozz]

Originally Posted by SpokeValley

...and any other high tax, high property value state. There are several.

on the coasts.....mostly blue.

I keep telling my wife Spokane would be a good place to retire to!

[Ken Robb]

Originally Posted by Ozz

on the coasts.....mostly blue.

I keep telling my wife Spokane would be a good place to retire to!

And you could enjoy the company of Dave and Jodee Thompson too!

[C40_guy]

Just glad I don't pay yearly excise taxes on my N+1 bicycle fleet.

[SpokeValley]

Originally Posted by Ozz

on the coasts.....mostly blue.

I keep telling my wife Spokane would be a good place to retire to!

Don't tell anyone!

[SpokeValley]

Originally Posted by Ken Robb

And you could enjoy the company of Dave and Jodee Thompson too!

[joosttx]

Originally Posted by pdmtong

the $10k limitation is just another e f f you to blue California from the admistration

Amen. No one unless people who bought their house in 80’s has a property tax less than 10K in my neighborhood and we have a trailer park in the hood.

[joosttx]

Originally Posted by Joxster

Do you have to pay taxes during the government shutdown? I would deem that as non essential

I did. My accountant was late this year competing our taxes. I wrote a check to the IRS last week, mailed it and the next day it was cashed.