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are the real estate taxes and mortgage interest related to a rental property? If so, are you putting these deductions on Schedule A as itemized deductions or Schedule E as rental real estate expenses?
1 is for rental and 1 is for our property we live in. Plus mortgage interest for our property, rental is paid off.
I sort of managed to knock it down to $3K more than last year., instead of $7K more I am exhausted on any possible deductions.
Biggest hit was job related expense. I simply lost that deduction because I am not National Guard, performing artist, disabled and whatever the 4th category is that qualifies. I simply drive 6-10 000 miles around/year, seeing patients in my personal car. It always was good deduction, now they took it away. yes, I know, property tax is now capped at $10K. I expected that to be a bit lower deduction.
I'd miss mileage and vehicle depreciation deduction... that was handy.
1 is for rental and 1 is for our property we live in. Plus mortgage interest for our property, rental is paid off.
I sort of managed to knock it down to $3K more than last year., instead of $7K more I am exhausted on any possible deductions.
Biggest hit was job related expense. I simply lost that deduction because I am not National Guard, performing artist, disabled and whatever the 4th category is that qualifies. I simply drive 6-10 000 miles around/year, seeing patients in my personal car. It always was good deduction, now they took it away. yes, I know, property tax is now capped at $10K. I expected that to be a bit lower deduction.
I'd miss mileage and vehicle depreciation deduction... that was handy.
Two things I'm just not sure of from your response for you to consider:
1. If the $21k of property taxes includes the rental, the portion attributable to the rental should be deducted on schedule E, it is not subject to the $10k cap.
2. In prior years, if you took the standard mileage deduction you shouldn't have taken depreciation deductions on top of it, its included in the standard mileage rates.
I didn't say "not allowed", did I? I said - produced no difference. It simply takes numbers in and nothing changes. I always itemized, it basically told me that my itemized is same as standard deduction of 24K so be happy with that. Real estate tax ($21K), mortgage interest ($19.9K), rental related expenses - everything that lowered tax last year did little to none this time. Our gross income was only $4K more than last year, the rest is same it was for years before. I drive a lot for work in my personal vehicle, what was always good deduction - no can do, not qualifying employment category.
I guess, we are not really "the middle class" that benefits from this reform.
but . Do you at least indulge in some decent home delivery once you finish?
My dad's annual calendar revolved around preparing for his income tax filings. Ordering forms and publications (always hard copy), researching, speculating, setting up little spreadsheets to track every potential deduction, estimating, re-calculating, pestering investment companies and banks for to-the-minute account balances, days at his desk buried in paper (he never trusted anything electronic other than a calculator and refused to use the web). When he wasn't working on it he was explaining it to anyone he could capture. He'd spend a couple of weeks filling out the actual forms, but always managed to spend the night of 4/14 sleepless at his desk in spite of it. When I cleared out his house I found his office packed with income tax-related publications, account records, receipts, returns and schedules going as far back as the 1970s. The final weight of all that shredded paper? Almost 1200 lbs.
I always do my own taxes, but my financial life is pretty basic (maybe growing up with the example above had something to do with that). Didn't see much benefit from the new tax law personally but at least it wasn't worse. Filling out the new forms went OK but there were a couple of moments when my dog felt the need to hide in a back closet...
Finished mine this weekend, finally. I owe less than last year, mostly because the standard deduction is higher, and I haven't exceeded even the prior level in recent years. I'll be getting a large refund, for a change. My effective tax rate declined by 2%, as well.
Something like that. It certainly was unique. He was a meticulous mathematics and data nerd to begin with but I'm sure increasing miserliness and assumption that everyone was out to cheat him financially was the basis for it. Starting in elementary school he required all us kids to reconcile our tiny allowances each week with a formal ledger book. Not many flamboyant entries possible with $1.50
Last edited by Parnassia; 03-18-2019 at 03:02 PM..
I didn't say "not allowed", did I? I said - produced no difference. It simply takes numbers in and nothing changes. I always itemized, it basically told me that my itemized is same as standard deduction of 24K so be happy with that. Real estate tax ($21K), mortgage interest ($19.9K), rental related expenses - everything that lowered tax last year did little to none this time. Our gross income was only $4K more than last year, the rest is same it was for years before. I drive a lot for work in my personal vehicle, what was always good deduction - no can do, not qualifying employment category.
coupla thou back as in the past.
Do
I guess, we are not really "the middle class" that benefits from this reform.
I guess you're not.
I have an income higher than when I worked ten years ago when it was in the 6 figures.
Got the same 2-3 thou back as in the past.
But I haven't itemized since leaving NYS in 2010.
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but 
. Do you at least indulge in some decent home delivery once you finish?
