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Final summary of the tax bill? ITT
Poast new message in this thread
Date: December 17th, 2017 1:38 PM Author: Rough-skinned nursing home karate From what I gather:
Standard deduction doubling from $6000 to $12000 SALT deduction capped at $10,000 Mortgage interest deduction only available for mortgages under $500,000
Is this correct? |
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Date: December 17th, 2017 1:40 PM Author: bateful pink codepig i think the mortgage interest cap got raised to 750k, and applies only to new purchases.
AMT kicks in at 500k for singles and 1m for married, i believe.
childcare tax credit is expanded, doesn't begin to phase out until hhi for a married couple goes over 300k. |
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Date: December 17th, 2017 1:47 PM Author: Rough-skinned nursing home karate Does that mean interest on the first $750k of say, a $1 million mortgage is deductible?
Or once you hit $750k you can't deduct a penny? |
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Date: December 17th, 2017 1:48 PM Author: bateful pink codepig my understanding is the former, but i'm not sure how that would even work. maybe if your mortgage is over 1m, you get to deduct a prorated % of interest paid. (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942147) |
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Date: December 17th, 2017 1:55 PM Author: Rough-skinned nursing home karate I guess just deduction=(interest rate)x750000 (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942206) |
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Date: December 17th, 2017 1:49 PM Author: honey-headed address sound barrier the former (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942160) |
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Date: December 17th, 2017 1:53 PM Author: Rough-skinned nursing home karate Wow. UMC done got fucked then. (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942194) |
Date: December 17th, 2017 1:39 PM Author: Glittery house rich - great
mid-umc - fucked
poors - ok I guess
trickle down part 6756788698698
won't help economy, inequality gets worse. |
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Date: December 17th, 2017 1:40 PM Author: Rough-skinned nursing home karate Where is it in the legislative process? When does it get signed? (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942086) |
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Date: December 17th, 2017 1:41 PM Author: bateful pink codepig i think it's being voted on next week. (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942090) |
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Date: December 17th, 2017 1:41 PM Author: honey-headed address sound barrier child credit at 2K (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942095) |
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Date: December 17th, 2017 1:46 PM Author: metal theater stage shitlib I thought they got rid of mortgage interest tax deduct? (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942131) |
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Date: December 17th, 2017 1:49 PM Author: bateful pink codepig i don't think that was ever on the table. house lowered the cap from 1m to 500k, and the senate raised it to 750k. (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942157) |
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Date: December 17th, 2017 1:46 PM Author: beady-eyed khaki business firm electric furnace mortgage interest tax deduction at 750k actually (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942135) |
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Date: December 17th, 2017 1:48 PM Author: Rough-skinned nursing home karate Suppose you start with an $800k mortgage and then pay it down to the point where it's under $750k. Do you suddenly become eligible for the deduction? (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942148) |
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Date: December 17th, 2017 1:50 PM Author: beady-eyed khaki business firm electric furnace old mortgages between $750k and $1m grandfathered in. i just copped another mortgage before tax reform kicks in. (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942170) |
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Date: December 17th, 2017 3:11 PM Author: wonderful dilemma boistinker i think it's that ur only able to deduct interest on up to 750k worth of a mortgage regardless of the amount of the mortgage, similar to the 10k cap on SALT i don't think there's a magic cutoff at 750,000.01 that renders u ineligible |
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Date: December 17th, 2017 1:50 PM Author: honey-headed address sound barrier when does it actually kick in? this won't apply to filling in jan will it? (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942171) |
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Date: December 17th, 2017 1:51 PM Author: bateful pink codepig no, 2018 and beyond brother. (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942175) |
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Date: December 17th, 2017 1:51 PM Author: honey-headed address sound barrier dman, wishful thinking (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942178) |
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Date: December 17th, 2017 1:51 PM Author: cerebral church building can we see the actual bill anywhere? (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942176) |
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Date: December 17th, 2017 3:12 PM Author: Sable step-uncle's house http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-466.pdf (http://www.autoadmit.com/thread.php?thread_id=3832117&forum_id=2#34942662) |