Posted on 11/27/2017 6:29:03 PM PST by Coleus
I haven’t calculated my final taxes since I anticipate there will be many changes before the bill is in its final form. Remember that it’s only this convoluted because of the filibuster and anti-Trump RINOs.
But like most people in NJ, I own a single property. My property taxes are $13,000/yr and my mortgage deduction sounds like it will still be deductible as well. I pay NYC income tax but hope the doubling of the standard deduction will make up for the partial loss of deduction on that.
People in Bergen and Essex counties, which pay the highest local taxes and vote reliability Democrat, will be most affected.
In the Senate version NO property taxes will be deductible.
In the House version the property tax deduction would be capped at $10,000.00 so you’d have $3000.00 in income suddenly subject to tax.
Looks like only folks in the beginning years of a mortgage would be able to rise above the higher standard deduction.
The bill completely eliminates the personal exemption, which significantly nullifies the doubling of the standard deduction. Whether you are married or single, the math works out to nothing close to a “doubling” of the standard deduction after that is factored in.
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