Raycpa, thank you for that. I didn’t know that’s how it was going to work, we are in the low income portion of that new law, so if I understand it correctly, you will be able to take 20% off of your Schedule E net income before reporting it on your 1040. that would really change things because a big portion of our total income comes from the Schedule E source.
Happy New Year!
There will be a limit based on the cost of the property. Im still studying the exact computation. Waiting for a book that has yet to be published on new law by my tax research provider.