Posted on 06/06/2024 10:49:07 AM PDT by ChicagoConservative27
“Pres Trump, after raising the standard deduction, allowed folks that took the standard deduction to still be able to claim mortgage interest and property taxes as a deduction on their 1040s. Probably the only other deduction they can claim.”
I don’t think that’s possible, unless I’m seriously misreading the tax code. Line 12 of Form 1040 seems to give you one or the other - the Standard Deduction or Itemizing, and Itemizing includes taxes and mortgage interest (including the $10,000 cap).
Assuming that I’m right, it is still true that Trump gave the bulk of his people, including myself, a nice tax cut (even if half of them never realized it due to media brainwashing - some of which we saw here too) by doubling the Standard Deduction, as the bulk of his people are in states where they don’t pay as much for housing or taxes, meaning Red States, of course.
No, you can’t declare both.
You used to be able to do it under Pres Trump.
According to woman that does my taxes, that all changed when Biden and the democrats took over. Proving once again that none of them, R or D, gives a sh*t about the middle class.
501C3’s, are nothing but money laundering for liberals. Look at who runs damn near all of them, Liberals.
Proof after seeing what Lerner did.
And, people that are really wise to the tax code, can donate a damn near exact amount to 501C3s, deduct them on their taxes, getting refunds on taxes paid throughout the year. No tax liability.
Pass a law that 80% of the proceeds have to go to the intended purpose, no more than 20% for salaries, per diems and travel, most of them would be gone in a week.
What was it, Clinton’s only 5% toward the “charity”.
You ain’t wrong
Goal #1 to save the USA: Corral all the white liberals do-gooders , liberal remote workers, radical - race baiting minorities into a few cities. The ones that the destroyed. Wall the cities off and don’t let them leave unless to very strict rules. They will never be allowed to vote and their property taxes, after a legitimate assessment, will automatically be doubled, forever.
Lots of people have no idea that Pres Trump wanted all the tax breaks to be permanent. Scumbags in congress, the ones that care about the people-the middle class-the working class, served him a sh*t sandwich that he had no choice to eat…..take what you can
If I’m not mistaken all of those tax breaks expire. Lots of folks going to be shocked come tax time in April 2026
Yeah, more GOP chicanery...free online filing should be mandatory...GOP congress members & senators obviously getting big H&R Block/”tax professional” lobbyist $$$$.
As for funding the IRS in general the more they legitimately collect the better...keeps the tax burden/tax rates down on the middle class...just no extra $$$$ for ammo or additional armed Treasury/IRS field agents.
Too bad for us.
The Liberal Elite will see a break on their taxes.
That's the only thing it matters
Absolutely right. 3 times
And people still listen Congressional Republican Incumbent Bullsh*t. Sad
False.
According to woman that does my taxes, that all changed when Biden and the democrats took over.
She's wrong/lying.
Well , you do you
Taxes and and interest were deducted before Biden. No issues from the IRS.
So, in other words, comments like yours….which is too frequent on FR….mean nothing to me, I don’t care what you have to say and I would have zero problem telling you, to your face, what I think. But I’ve been yelled a couple of times on here
Yes, if you itemized.
If you took the new, doubled standard deduction, you couldn't also itemize.
Sorry.
“Pres Trump, after raising the standard deduction, allowed folks that took the standard deduction to still be able to claim mortgage interest and property taxes as a deduction on their 1040s. Probably the only other deduction they can claim.”
Nope. If you took the standard deduction you could not itemize other deductions.
Ok
Stalking me again. Please go away and kiss the hot end of a Tesla EV charging cord
“Ok
Stalking me again. Please go away and kiss the hot end of a Tesla EV charging cord”
No stalking. But thanks for acknowledging my correction to your erroneous post.
“You used to be able to do it under Pres Trump.”
Nope, I don’t think so. I reviewed my 2019 taxes and mortgage interest and property taxes were still in Schedule A (Itemized Deductions), and one still had to choose either Itemizing with Schedule A -or- the Standard Deduction. Unless there was some back-door technique, I don’t see how one could get taxes and interest deducted, in addition to the Standard Deduction/
If you still have your taxes from 5 years ago, take a look yourself!
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