Tax FYI

[fitz19d]

I was unaware that pmi was gone, but nice to have another year. Wonder what other beneficial changes got extended?


https://ttlc.intuit.com/questions/42...ed-in-turbotax

[Gman]

This may not be a good year to file early. The IRS is still trying to figure out the details.

[DenverGP]

Edit: I didn't realize they tacked on things that effected the 2017 taxes (just extensions of various things that they didn't bother extending soon for some reason)

Most of the changes only effect the the 2018 taxes you file in 2019.

[brutal]

There was some rumors the RV interest deduction was going away, but I've not seen anything official.

Sure hope not, just ordered a new one 5 weeks ago and will be closing in a few weeks.

[Rumline]

There was some rumors the RV interest deduction was going away, but I've not seen anything official.

Sure hope not, just ordered a new one 5 weeks ago and will be closing in a few weeks.

According to this: http://rvtravel.com/towable-rv-owner...-new-tax-bill/ they added the requirement that the RV must be self-propelled in order to qualify for the deduction. So travel trailer owners are SOL unless RVIA has enough lobbying $$$ to get that "self-propelled" thing removed.

[Skip]

Remember though, everyone's standard deduction doubled. If you are married, unless you making money hand over fist, it will be hard to exceed 24,000 in itemized deductions even under the (2017) rules if they were still available next year. To take deductions, you have to exceed the standard deduction. So for most people, it simplifies their taxes where they can stop even counting, file EZ, and still come out ahead.

^ 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.

[Ridge]

I got my return 8 days after they accepted my filing.

Already gone, paying off debt.

[Irving]

I just now got my last tax document today.

[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.