The plan addresses mortgage interest and charitable dedux. I would take a conservative approach and assume you lose all other dedux except your personal exemptions. Then I’d run the numbers.
Thanks.
Our mortgage payments/home equity line of credit, property taxes, medical expenses/medical/medicare insurance and charitable donations are our big deductions.
Like many people in their 70’s plus, we love our home and plan to stay in it until we are carried out feet first. So in the past two years we refied and got a line of credit to make our home more energy efficient and senior needs like a walkin shower and ramps to get into our home and through it.
Hopefully, we can keep these deductions.
If not, making it easier to pay our income taxes and the benefits for our younger relatives and friends, Trump’s plan will be good for the people we know, love and care for.