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CA homeowner mo here - tax bill going up by $13k+ next year on same income
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Date: December 18th, 2017 1:56 AM Author: Idiotic electric menage pocket flask roughly make $500k/year. for 2017, i pay $44k in CA state income tax and $15k of property taxes (on a $1.5mil home) that i can deduct from my gross federal income. AMT adds $12k back to my tax bill.
next year my deductions go from $59k to the cap of $10k. so i lose $49k in deductions. the $12k i make back by doing away with the AMT plus the lower marginal tax rates don't come anywhere close to making up the difference. out of pocket calculates out to ~$13k higher federal tax bill. that's severe. |
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Date: December 18th, 2017 2:05 AM Author: Irradiated maroon foreskin What are your results on taxplancalculator.com? I’m seeing a few thousands in savings for you, assuming your married. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946748) |
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Date: December 18th, 2017 3:05 AM Author: Naked wonderful casino MAGA! Pay your share lib (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946850) |
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Date: December 18th, 2017 1:09 PM Author: crusty lay Took a concord here to poast this (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949134) |
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Date: December 18th, 2017 1:52 PM Author: Sapphire big-titted persian corner (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949504) |
Date: December 18th, 2017 1:57 AM Author: seedy chapel Move. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946704) |
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Date: December 18th, 2017 1:59 AM Author: Racy chrome brunch Well, that would eliminate my income and therefore my tax liability. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946715) |
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Date: December 18th, 2017 2:05 AM Author: seedy chapel So problem solved (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946752) |
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Date: December 18th, 2017 6:49 AM Author: Aromatic Resort Clown you forgot to log back into your pumo (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947120) |
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Date: December 18th, 2017 8:53 AM Author: Frum mental disorder (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947398) |
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Date: December 18th, 2017 12:41 PM Author: Razzle-dazzle Chocolate Ape (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34948948) |
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Date: December 18th, 2017 12:44 PM Author: glassy hairraiser laser beams (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34948976) |
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Date: December 18th, 2017 1:05 PM Author: Racy chrome brunch ? (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949105) |
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Date: December 18th, 2017 2:04 PM Author: underhanded stirring office jew (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949591) |
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Date: December 18th, 2017 2:05 PM Author: Vigorous disturbing ticket booth Lol (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949599) |
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Date: December 18th, 2017 1:59 AM Author: Idiotic electric menage pocket flask but then i lose the mortgage interest deduction that's grandfathered in on my $1.5mil home. anywhere else i move would be a new mortgage with interest deductions capped at $750k. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946716) |
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Date: December 18th, 2017 2:00 AM Author: Shivering abode fat ankles flame, the tax bill kept the 750k interest deduction on 2nd homes. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946718) |
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Date: December 18th, 2017 2:00 AM Author: Racy chrome brunch Yeah but outside of NYC, DC, and Seattle metros you're not buying a $1.5M home outside of CA. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946721) |
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Date: December 18th, 2017 2:04 AM Author: Idiotic electric menage pocket flask you are if you move to franklin, tn and build something in the 6500-7500sq ft range, and why wouldn't you? (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946744) |
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Date: December 18th, 2017 2:03 AM Author: Fishy fighting lettuce then he couldnt screw rentmos by profiting from prop 13 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946731) |
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Date: December 18th, 2017 2:08 AM Author: Idiotic electric menage pocket flask i can still screw rentmos by moving and renting out my house for $6k/month. rentmos definitely won't be able to afford homes in cali with SALT capped at $10k. and not many people holding existing homes will want to sell or move so rental stock will be low and command a premium. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946763) |
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Date: December 18th, 2017 2:09 AM Author: seedy chapel Good. Just don’t move to Texas. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946771) |
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Date: December 18th, 2017 1:58 AM Author: Racy chrome brunch Similar ballpark here. Sticking my fingers in my ears for the time being, but fuck. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946706) |
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Date: December 18th, 2017 1:58 AM Author: Shivering abode fat ankles pumo living in CA = shitlib
eat shit |
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Date: December 18th, 2017 1:11 PM Author: crusty lay 18000000 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949157) |
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Date: December 18th, 2017 1:13 PM Author: impressive fortuitous meteor (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949165) |
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Date: December 18th, 2017 1:58 AM Author: Greedy feces 180. time to pay your share. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946711) |
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Date: December 18th, 2017 1:59 AM Author: Shivering abode fat ankles yup 180 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946713) |
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Date: December 18th, 2017 2:08 AM Author: stubborn titillating senate weed whacker 180 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946766) |
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Date: December 18th, 2017 2:29 AM Author: mahogany hospital cr 180 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946807) |
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Date: December 18th, 2017 2:38 AM Author: Idiotic electric menage pocket flask our share of what? we're less of a drain on federal resources per capita than most states in the southeast even factoring in the SALT "subsidy", and our state social services mean those destitute folks aren't the federal goveenment's charge nor other states' problem since it keeps all the weirdos here. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946812) |
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Date: December 18th, 2017 2:44 AM Author: mahogany hospital Yeah but Californians are also huge fags and our faggotry spreads all over the country and we need to pay for this externality. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946819) |
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Date: December 18th, 2017 6:34 AM Author: Jet dragon (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947097) |
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Date: December 18th, 2017 1:35 PM Author: fragrant lemon lodge water buffalo (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949355) |
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Date: December 18th, 2017 1:51 PM Author: Blue church lmaooooooooooooooo tcr. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949494) |
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Date: December 18th, 2017 2:16 PM Author: crusty lay 157847633 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949706) |
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Date: December 18th, 2017 9:00 AM Author: ocher trip azn theatre is the per capita claim specious? is it really welfare per person or are we talking about welfare per non-illegals, but illegals get it or are we talking about roads and infrastructure per person so montana looks like it's a drain, but that's not really a fair metric?
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Date: December 18th, 2017 2:14 PM Author: Greedy feces I'm not comparing states. I'm comparing taxpayers. You don't have to pay federal taxes that other high earners elsewhere do because of your high local taxes. But your high local taxes don't benefit those in other states who don't get that deduction. If you want lower local taxes then vote for lower local taxes or move.
Plus I don't even think the states thing is correct anyway putting aside it's a stupid comparison and trotted out as a way for poors in lib states to feel superior. There was a big study on this.
You also shouldn't get subsidized because you are a home owner. Pay your fair share. |
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Date: December 18th, 2017 6:48 AM Author: Aromatic Resort Clown (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947119) |
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Date: December 18th, 2017 9:53 AM Author: Magenta Lascivious Trump Supporter Center (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947736) |
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Date: December 18th, 2017 2:00 AM Author: Crimson Prole Sanctuary your tax bill is still too fucking low (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946719) |
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Date: December 18th, 2017 2:01 AM Author: Shivering abode fat ankles as a pumo CA shitlib anything less than 100% income confiscation is too low (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946723) |
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Date: December 18th, 2017 3:02 AM Author: heady field (idiot socialist freak) (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946843) |
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Date: December 18th, 2017 2:35 AM Author: big cheese-eating locus psychic Why don't you morons kill Prop 13 and make the olds pay their fair share. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946810) |
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Date: December 18th, 2017 1:02 PM Author: charismatic talking digit ratio house (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949089) |
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Date: December 18th, 2017 1:07 PM Author: exhilarant puce temple marketing idea just opposite, we might pass something that lets boomers take their low prop tax to a new property entirely LOL (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949118) |
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Date: December 18th, 2017 1:51 PM Author: Blue church wait, what? LMAO THESE PEOPLE ARE THE FUCKING WORST AND WE LET THEM DO IT. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949499) |
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Date: December 18th, 2017 1:59 PM Author: Blue church PLEASE post a link (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949557) |
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Date: December 18th, 2017 2:46 AM Author: Angry messiness base http://xoxohth.com/thread.php?thread_id=3831410&mc=5&forum_id=2 (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946823) |
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Date: December 18th, 2017 6:39 AM Author: Vivacious Lavender Plaza Preventive Strike i'm having a hard time feeling bad for you when your income is $500K (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947103) |
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Date: December 18th, 2017 2:02 PM Author: Blue church (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949583) |
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Date: December 18th, 2017 6:47 AM Author: mildly autistic high-end meetinghouse You and your ilk keep voting shitlibs into office, raising your taxes to give the money to illegals, public unions, and "progressive" corporations. So it's all worth it, right? (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947115) |
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Date: December 18th, 2017 2:16 PM Author: Greedy feces And then complain that they can no longer deduct it all in their federal taxes (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949705) |
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Date: December 18th, 2017 8:37 AM Author: Ivory Faggot Firefighter I’m also in a situation where I was expecting to get screwed badly — married, 3 kids, 380k HHI, $750k mortgage, 30k/year property taxes and ~20k state income tax. Last year paid $7500 in AMT, which means I got to deduct none of my property taxes and a good chunk of the state tax deduction was also excluded. Yet http://taxplancalculator.com says I’ll het around a $3k cut, NOT including AMT repeal, so savings should be around 10k.
If you’re losing 49k in deductions that’s 17.5k in taxes at 35%. So get rid of AMT and you’re only down 5k before lower marginal rates are considered. Granted, the rate cuts are a bit better for marriedmos (if your single) and you won’t get a child tax credit (if childless) to offset loss of your personal exemption. |
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Date: December 18th, 2017 8:42 AM Author: Aqua diverse stage If you live in CA you should have ur taxes raised 50% (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947364) |
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Date: December 18th, 2017 9:01 AM Author: Naked wonderful casino cr (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947434) |
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Date: December 18th, 2017 12:42 PM Author: seedy chapel (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34948960) |
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Date: December 18th, 2017 12:58 PM Author: contagious pea-brained school Are you sure? According to the calculator people are linking here, the hit from elimination of SALT shouldn’t be that bad once you figure in elimination of AMT under $1m, lower marginal brackets and $10k for property taxes. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949065) |
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Date: December 18th, 2017 12:58 PM Author: exhilarant puce temple marketing idea (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949067) |
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Date: December 18th, 2017 1:40 PM Author: Idiotic electric menage pocket flask yeah, that calculator is pretty favorable. i guess the lower marginal tax rates have a bigger impact than i was expecting. i should come out ahead.
not sure why all the dire predictions that this will kill the cali housing market. perhaps for those who weren't being hit by AMT previously and have homes in the $2mil+ range? |
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Date: December 18th, 2017 2:14 PM Author: Jet dragon probably bc it's politically expedient to claim that your opponent is threatening the most valuable asset held by many likely voters also bc realtors are self-interested leeches that make lawyers look benevolent and virtuous by comparison |
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Date: December 18th, 2017 2:20 PM Author: exhilarant puce temple marketing idea ((((media)))) (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949741) |
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Date: December 18th, 2017 1:53 PM Author: Cerebral reading party i'm very relieved and happy after using that tax calculator . I hope it's accurate (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949515) |
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Date: December 18th, 2017 2:04 PM Author: Razzle cruise ship I thought this was gonna cost me like $15k/year but the calculator says it's gonna save me $5-10k. Wish there was another calculator to compare results.
Obviously, a $20k swing is massive for me. |
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Date: December 18th, 2017 2:05 PM Author: bisexual talented property Good! Suck it blue state scum! (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949603) |
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Date: December 18th, 2017 2:05 PM Author: underhanded stirring office jew Man you make 500k. Stfu and pay whatever the government needs you to. jfc. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949604) |
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Date: December 18th, 2017 2:09 PM Author: Medicated international law enforcement agency Remember when Libs we're crowing about how paying taxes is patriotic and now they're completely ass blasted that their taxes won't be subsidized anymore by the rest of us? (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949638) |
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Date: December 18th, 2017 2:12 PM Author: Blue church what a time to be alive. lmao. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949667) |
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Date: December 18th, 2017 2:15 PM Author: Jet dragon tbf this makes u sound surprised that libs don't want to do something patriotic (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949698) |
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Date: December 18th, 2017 2:15 PM Author: Amethyst range trust fund (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949701) |
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Date: December 18th, 2017 2:19 PM Author: bisexual talented property Pay your fair share!!! Hahaha (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949737) |
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Date: December 18th, 2017 2:41 PM Author: Idiotic electric menage pocket flask so many poasters triggered itt thinking OP must be shitlib. Cali is where the jerbs are regardless of political persuasion. dude's just trying to earn a living and own a home and shouldn't be blasted by taxes at his income bracket. we should reward success. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949889) |
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Date: December 18th, 2017 3:04 PM Author: Greedy feces I think most here agree. But because we penalize it, we want it to be penalized fairly across the board. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34950071) |
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Date: December 18th, 2017 3:06 PM Author: impressive fortuitous meteor lol (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34950096) |
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Date: December 18th, 2017 2:44 PM Author: bisexual talented property It’s mostly uneducated, backwoods baptists that don’t like Catholics. With the gutting of the mainstream Protestant churches, Catholicism has become the new type of WASP religion for America. (http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949911) |