SALT
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wrote on 13 Nov 2021, 22:04 last edited by
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wrote on 14 Nov 2021, 00:18 last edited by
Sweet. Hope it’s retroactive to 2021
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wrote on 14 Nov 2021, 00:42 last edited by
My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
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My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
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wrote on 14 Nov 2021, 00:56 last edited by
We’ll the property tax alone exceeds the standard deduction. But I didn’t take that into account.
But I’d suddenly be able to deduct charitable contributions again, or rather it would make sense to. So my deductions would be ~50k ish rather than 24k ish. Net savings in the neighborhood of 10k still.
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We’ll the property tax alone exceeds the standard deduction. But I didn’t take that into account.
But I’d suddenly be able to deduct charitable contributions again, or rather it would make sense to. So my deductions would be ~50k ish rather than 24k ish. Net savings in the neighborhood of 10k still.
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wrote on 14 Nov 2021, 01:29 last edited by
Not really, it’s just that my only deduction I get is the 10k limit of my property tax. So unless I donate >14k in a year the it makes sense to take the standard deduction. I donate just under that typically. So when they were about to change the law in 2018 I made a (tax deductible) multi-year equivalent deduction to a donor-advised fund which I now use for donations. If they change the law I could start donating out of personal funds again and take the full deduction, since my property tax alone gets me above standard deduction territory.
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wrote on 18 Nov 2021, 18:24 last edited by
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wrote on 18 Nov 2021, 18:48 last edited by Mik
Yep. Met with my financial guy today to work on whether or not to do Roth conversions. Doesn't look like it will make much sense for us. But the charitable contribution deduction (QCD) against the RMD might help when we hit that in a few years.
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My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
wrote on 18 Nov 2021, 20:24 last edited by -
wrote on 19 Nov 2021, 11:34 last edited by
If I’m reading it right, the new provision being voted on today is an 80k deduction limit and it covers this year!
Yay!
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wrote on 19 Nov 2021, 13:18 last edited by
Was the SALT part of the infrastructure package? Or is it part of the 1.75 Trillion Dollar Sweepstakes?
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wrote on 19 Nov 2021, 14:18 last edited by
The latter.
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wrote on 19 Nov 2021, 14:21 last edited by
So it still has to get past the Senate.
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wrote on 19 Nov 2021, 15:22 last edited by
Yeah but they've been working on Manchin and Sinema through the process so I think the understanding is it'll get through.
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My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
wrote on 19 Nov 2021, 15:35 last edited byMy property taxes are creeping up to 40k
I wouldn't be surprised if there are people in your area who live in a trailer park but drive a Porsche. I wonder what kinds of incentives are caused by such massive property taxes, as opposed to collecting the same money via income tax or VAT.
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wrote on 19 Nov 2021, 16:05 last edited by
I do not believe you will find any trailer parks in Jon's neighborhood. Nor in the surrounding area.
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wrote on 19 Nov 2021, 18:49 last edited by
For miles.
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wrote on 19 Nov 2021, 20:30 last edited by
But I do believe the GOP will be campaigning all over this one.
