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To: DIRTYSECRET
The new tax reform bill does not impact current mortgages. The limit for mortgage interest deductions has been reduced to $750,000 from $1 million.

The $10,000 cap is for property, sales, and state income taxes.

Everything you need to know about the GOP’s final tax plan in 3 charts

4 posted on 12/26/2017 7:07:20 AM PST by kabar
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To: kabar

The rich don’t need a mortgage to buy a house but why not? They finance 80% anyway. The taxpayers get to subsidize their interest on the loan and the rich get to shelter some income. Makes sense to me. Just taking advantage of one of those stupid ideas congress came up with to help the so called poor to own a home.


10 posted on 12/26/2017 7:15:46 AM PST by mosaicwolf
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To: kabar

The $10,000 cap is for property, sales, and state income taxes.


My son is stuck with Mississippi divorce law requiring him to make monthly payments to the x of $30,000 per year which under current law has been tax deductilbe in the full amount of the $30k. Under the proposed new law, ALIMONY payments will also be limited to the $10k limit, creating approximately $6,000 in new income tax liability. SURPRISE!

Like Obamacare, the law has to be passed before we can read it and find out what is in it. He is not too happy about this indisclosed change in the law that was not disclosed in the Congressional debate re the new taw law.

Have a good day!


21 posted on 12/26/2017 7:51:09 AM PST by LaMudBug
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To: kabar

I think deducting interest on home equity loans is dead.


27 posted on 12/26/2017 8:43:45 AM PST by stylin19a (Best.Election.of.All-Times.Ever.In.The.History.Of.Ever)
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