Tax FYI

[fitz19d]

^ THIS

Save your 2017 1040 and plan for 2018.

Standard deduction, with the $10K SALT cap, really nullifies a lot of the advantage of common deductions going forward.

I'm wondering why I should keep paying mortgage interest and I don't really pay that much.

I remember the salt thing was something to piss dems off more? But I don't know the details. Also new higher standard deduction applies to filing for 2017??

I need to run it every which way to be sure I guess. But trying to work out whats better filing singly or jointly with wife. Basically 60k gross roughly each, mortgage payment. I have like 3k in medical bills last year. If standard deduction change I suppose that would be hard to exceed with various taxes/pmi/interest/medical. Unless maybe I'm doing something like claiming the house and everything else that is mine to exceed my deduction singly, then give her her portion of the refund from house stuff?

PS I hate taxes.

[DenverGP]

I remember the salt thing was something to piss dems off more? But I don't know the details. Also new higher standard deduction applies to filing for 2017??

Salt is "State and local taxes"... Tax payers in the dem controlled cities/states with stupidly high state and local taxes didn't really feel the pain because they could deduct all the state/local taxes they paid from their federal taxes. So basically the dem cities/states were stealing tax money from the federal government. Now residents of those cities/states will feel the pain of those higher taxes.

And no, the higher standard deductions won't come into play until you file taxes next year.

[brutal]

I remember the salt thing was something to piss dems off more? But I don't know the details. Also new higher standard deduction applies to filing for 2017??

I need to run it every which way to be sure I guess. But trying to work out whats better filing singly or jointly with wife. Basically 60k gross roughly each, mortgage payment. I have like 3k in medical bills last year. If standard deduction change I suppose that would be hard to exceed with various taxes/pmi/interest/medical. Unless maybe I'm doing something like claiming the house and everything else that is mine to exceed my deduction singly, then give her her portion of the refund from house stuff?

PS I hate taxes.

I hate paying SO MUCH tax.

[Irving]

I hate paying SO MUCH tax.

I only saved about half of what I owe for last year. Ooops.

[Skip]

I remember the salt thing was something to piss dems off more? But I don't know the details. Also new higher standard deduction applies to filing for 2017??

I need to run it every which way to be sure I guess. But trying to work out whats better filing singly or jointly with wife. Basically 60k gross roughly each, mortgage payment. I have like 3k in medical bills last year. If standard deduction change I suppose that would be hard to exceed with various taxes/pmi/interest/medical. Unless maybe I'm doing something like claiming the house and everything else that is mine to exceed my deduction singly, then give her her portion of the refund from house stuff?

PS I hate taxes.

Yes, running scenarios is very smart! I do this myself just using MS Excel. Most years the IRS publishes a "draft" 1040 in Oct--but that is late to make a lot of changes. Who knows what they'll do for 2018 though.

SALT cap is designed to limit the amount of tax shifted from the Fed to high tax states like CA and NY. In a sense, the Fed is subsidizing these states (and since there's no such thing as states' rights in 2018, why is that okay?).

I don't think many in CO would be impacted. If you had property and ownership taxes of $2,500 (which is high), you would be limited to $7,500 of income tax deduction which is ~$162,000 AGI. Most of us won't be hurt!