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Listening currently to Mnuchin and Gary Cohn, they are suggesting that ONLY mortgage interest will be deductible in the future; they stated that local and state taxes will not be deductible.
Monthly Home payment = Mortgage + Opportunity Cost of Capital + Local Taxes + Insurance - Federal Tax Deduction on Mortgage Interest -Federal Tax Deduction on Property Tax
On LI if you lose a large portion of the tax benefit of home ownership the value of your home just went down as a function of your monthly payment.
Welcome to the start of the LI real estate downturn.
Listening currently to Mnuchin and Gary Cohn, they are suggesting that ONLY mortgage interest will be deductible in the future; they stated that local and state taxes will not be deductible.
Monthly Home payment = Mortgage + Opportunity Cost of Capital + Local Taxes + Insurance - Federal Tax Deduction on Mortgage Interest -Federal Tax Deduction on Property Tax
On LI if you lose a large portion of the tax benefit of home ownership the value of your home just went down as a function of your monthly payment.
Welcome to the start of the LI real estate downturn.
My "local and state" taxes are not deductible now so not sure what you mean. They did say they'd keep the mortgage interest and child care benefits so yippee.
The whole thing is just more failed trickle down in a new package with new salespeople. Tax cuts for the rich and poor on the backs of the middle incomes. Bragging they can get to 3% GDP when we'd need 5-6% to pay for it. Simpler form so suckers will lap this up. We get what we deserve.
Add Cuomo's free college and it's easy to see how middle classers get it in both ends from both parties.
The fake college tuition giveaway is just pander for Cuomo's 2020 presidential run; Its a race to the bottom for either him or us (mutually exclusive), he needs to win the presidency or it is off to jail for him on corruption charges. If Cuomo runs and then wins we will be even worse off than we were under the Happy Hawaiian, Orange Judas, or Baby Doc Bush aka Elmer Fudd.
Don't blame Trump/Congress. Blame NYS for the insane taxes.
"The new tax plan (should it not hit a brick wall)" will have the effect of making the insane NYS taxes even more insane; thus real estate values will have to go down in relation to the tax effect.
I have equal contempt for Republican and Democrat alike; How is "Obamacare" working out for you folks? BTW, Trump-care Ryan-Care is even going to be worse if that is believable. These abortive "plans" don't speak to the person, they speak to numbers that don't lie.
The plan also proposes doubling the standard deduction to 24K for a married couple while keeping mortgage interest and charitable deductions in place.. Most filers already just use the standard deduction.
Sounds good for middle class and possibly some belt tightening for bloated local governments
The plan also proposes doubling the standard deduction to 24K for a married couple while keeping mortgage interest and charitable deductions in place.. Most filers already just use the standard deduction.
Sounds good for middle class and possibly some belt tightening for bloated local governments
Having sold my NY home (and having paid in full for my Fl home in 2008 at the very bottom price) a larger standard deduction is great for me, so are reduced taxes on dividends, and any simplification they provide. The online version Turbotax could not cope with a 198 page 1099 I received. If the IRS computer gets a copy of my 1099 with every buy and sell transaction on stock transactions, why do I have to report the same to them in on a tax return.
"The new tax plan (should it not hit a brick wall)" will have the effect of making the insane NYS taxes even more insane; thus real estate values will have to go down in relation to the tax effect.
I have equal contempt for Republican and Democrat alike; How is "Obamacare" working out for you folks? BTW, Trump-care Ryan-Care is even going to be worse if that is believable. These abortive "plans" don't speak to the person, they speak to numbers that don't lie.
Listen, I deduct a lot of real estate taxes from my federal return. Of course it will hit me in my wallet. However, part if not most will be offset by the actual tax cut and the elimination of AMT.
If this makes NYS voters think twice about electing Democrats who only want to raise taxes, more power to Trump.
The plan also proposes doubling the standard deduction to 24K for a married couple while keeping mortgage interest and charitable deductions in place.. Most filers already just use the standard deduction.
Sounds good for middle class and possibly some belt tightening for bloated local governments
Exactly once again MartinX dosent know what he's talking about while shooting off his mouth.
Instead of itemizing school taxes many would be able to apply that amount toward child care credits. Seems like a win for working couples with kids in the school system.
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