Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: TexasGator
I only have a $210,000 mortgage and I will see an $8,000 increase in taxable income!

You should be paying around $7k/year in interest, then (assuming 3.5%). You have no state income tax in TX so you aren't deducting that. Let's say your property tax is $5k (which is 2.5x what I'm paying on my $400k home). That puts you around the standard deduction. Unless you are donating a fortunate, in which case good on you, I don't see how you go up $8k (even ignoring the benefits you'll get from lower tax rates)

166 posted on 09/27/2017 2:01:01 PM PDT by rb22982
[ Post Reply | Private Reply | To 164 | View Replies ]


To: rb22982

My home (interest and taxes) is about $18k. My 2016 did have a state tax deduction larger than normal due to a new car purchase pushing us up about $24k.


169 posted on 09/27/2017 2:13:38 PM PDT by TexasGator
[ Post Reply | Private Reply | To 166 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson