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TimR
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Re: Tax Reform Deal
Reply #10 - 12/14/17 at 06:52:37
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bigmck wrote on 12/13/17 at 23:09:44:
Previously you could deduct your $5000 in Property Taxes on your Federal Income Tax.  They have been talking about not allowing this in the new Tax Package.


Yes, also it only matters if your itemized deductions are greater than the standard deduction.  Otherwise you would just take the standard deduction.

  
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Obilivious Maxinus
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Re: Tax Reform Deal
Reply #11 - 12/14/17 at 07:16:22
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SueAnn wrote on 12/13/17 at 22:25:55:
I live in Pennsylvania and we never had this.  How does it worK?  We pay about $5000 in property taxes.  From what do i deduct it? Hubby's wages or income tax to be paid?


$5,000 !! Do you live in a mansion or is this for more than one home? Guess I'm lucky to be in Wyoming.
  

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Bob S
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Re: Tax Reform Deal
Reply #12 - 12/14/17 at 10:42:50
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This pending legislation is now on life support, and may not survive in any form.  With Songbird McCain not voting, and just a couple other repubs not supporting it, it's likely finished.
  

The trouble with good ideas is that they quickly deteriorate into hard work....
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SueAnn
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Re: Tax Reform Deal
Reply #13 - 12/14/17 at 11:46:28
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Obilivious Maxinus wrote on 12/14/17 at 07:16:22:
$5,000 !! Do you live in a mansion or is this for more than one home? Guess I'm lucky to be in Wyoming.

My house is 100+ year old money pit in the middle of a Borough with 900 identical houses just like it.  It is a "twin" which means we share a common wall with our next door neighbor.  The lot is only wide enough to allow 2 cars to park side-by-side behind the house.  The front porch has a small grass plot in front of it, so small that I can have a conversation with someone walking down the street on the sidewalk...without raising my voice.
Mine is a sanctuary city.  33% of residents are illegals.  Our school district is 67% children of illegals. Our taxes are out of control. 

We can't live in Wyoming.  We need to move to a place more lung friendly.  Hubby has COPD.
  
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TimR
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Re: Tax Reform Deal
Reply #14 - 12/14/17 at 15:33:20
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Bob S wrote on 12/14/17 at 10:42:50:
This pending legislation is now on life support, and may not survive in any form.  With Songbird McCain not voting, and just a couple other repubs not supporting it, it's likely finished.


I see Rubio is saying he will vote against it unless they expand the Child Tax credit to be fully refundable to people who pay no taxes.

I hate that idea but they'll probably give him some concession to get his vote.
  
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cbriverrat
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Re: Tax Reform Deal
Reply #15 - 12/14/17 at 17:29:15
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Previously property taxes were a Schedule C deduction, which together with medical, and charity deductions were deducted from your GROSS Taxable Income, along with Exemptions, to create
Net Taxable Income.   To be able to deduct an about from Tax owed is to have a Tax Credit, which it appears the this is not.
  
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SueAnn
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Re: Tax Reform Deal
Reply #16 - 01/13/18 at 00:15:02
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cbriverrat wrote on 12/14/17 at 17:29:15:
Previously property taxes were a Schedule C deduction, which together with medical, and charity deductions were deducted from your GROSS Taxable Income, along with Exemptions, to create
Net Taxable Income.   To be able to deduct an about from Tax owed is to have a Tax Credit, which it appears the this is not.

Thank you so much for explaining that.  Now that the Tax Bill passed, do we know if the Property Tax portion made the final cut?
  
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bigmck
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Re: Tax Reform Deal
Reply #17 - 01/13/18 at 05:33:15
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For you Hurricane Harvey folks, there are several Income Tax deductions that can be had.  One is if you didn't get reimbursed for all of your loss, you can deduct the non-reimbursed loss, which is pretty sweet. == Check it out.
https://www.irs.gov/newsroom/help-for-victims-of-hurricane-harvey
  
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