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Old 01-23-2019, 08:04 AM
 
Location: 5,400 feet
2,584 posts, read 2,557,520 times
Reputation: 3615

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Quote:
Originally Posted by Lowexpectations View Post
I will certainly end up paying more in 2018 vs 2017. I also made a decent amount more money so it will take a little bit more work to compare it yoy accurately

I can assure I am not missing anything, I fully understand how our tax system works
Final numbers aren't in, but we'll pay about $10K less in 2018 than we would have had the old tax tables were in place. That said, our income went up about 2.7x over 2017 and our FIT went up about 3.8x over 2017.

Last edited by jiminnm; 01-23-2019 at 09:13 AM..
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Old 01-23-2019, 08:22 AM
 
927 posts, read 817,986 times
Reputation: 2485
I've been seeing a lot of articles like this:
https://www.cnbc.com/2018/12/03/dece...this-year.html

and I'm wondering whether folks like the OP are just now calculating how brutally the "Tax Cuts" are going to affect homeowners in high COL areas. It may be that buyers are reevaluating whether they really want to own a house, or how much house they actually can afford.

Last edited by semispherical; 01-23-2019 at 08:22 AM.. Reason: fix typo
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Old 01-23-2019, 11:53 AM
 
4,706 posts, read 1,174,999 times
Reputation: 3657
Quote:
Originally Posted by semispherical View Post
I've been seeing a lot of articles like this:
https://www.cnbc.com/2018/12/03/dece...this-year.html

and I'm wondering whether folks like the OP are just now calculating how brutally the "Tax Cuts" are going to affect homeowners in high COL areas. It may be that buyers are reevaluating whether they really want to own a house, or how much house they actually can afford.
Or whether to leave the states entirely.
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Old 01-23-2019, 12:06 PM
 
10,469 posts, read 15,475,867 times
Reputation: 11725
Well, King County WA I am in the highest in the state levies code. My property tax combined for 2 properties will be $20K, maybe some change up or down. For us, deducting property tax was great thing.

We owe tax for years, I am not even thinking of refunds... but am also not looking forward for doing taxes with this change.

Me being me, I run tax as late as possible into the year. They get plenty as is, no need for me to rush with paying them more. Outside of those who rush to get refund, I really don't understand, why folks rally to pay tax as early into the year, as they can...
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Old 01-24-2019, 07:49 AM
 
134 posts, read 53,943 times
Reputation: 217
Finally, residents in states like CA, NY and NJ will be paying their fair share of federal income taxes.
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Old 01-24-2019, 10:48 AM
 
13,766 posts, read 7,305,767 times
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Quote:
Originally Posted by semispherical View Post
and I'm wondering whether folks like the OP are just now calculating how brutally the "Tax Cuts" are going to affect homeowners in high COL areas.

I cocktail napkin did my 2018 taxes 13 months ago to make sure I understood how I would be impacted. I have a bunch of 1099 income so I have to file quarterly estimated taxes. I have to make sure I don't spend my tax money.
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Old 01-24-2019, 12:52 PM
 
990 posts, read 741,739 times
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Quote:
Originally Posted by Nelliebell View Post
Finally, residents in states like CA, NY and NJ will be paying their fair share of federal income taxes.

Exactly! Just because your corrupt NJ city councils are taxing you dry and handing over your hard earned cash to their teamster friends, doesn't mean you shouldn't have to pay a fair share of federal tax. If I lived in NJ, NY or CA, I would have voted with my feet a long time ago.
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Old 01-24-2019, 01:33 PM
 
18,767 posts, read 13,522,574 times
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Quote:
Originally Posted by Nelliebell View Post
Finally, residents in states like CA, NY and NJ will be paying their fair share of federal income taxes.
Quote:
Originally Posted by Pfalz View Post
Exactly! Just because your corrupt NJ city councils are taxing you dry and handing over your hard earned cash to their teamster friends, doesn't mean you shouldn't have to pay a fair share of federal tax. If I lived in NJ, NY or CA, I would have voted with my feet a long time ago.
Who’s next? Homeowners across the nation? Parents? The disabled? Folks who have long term capital gains?
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Old 01-24-2019, 01:41 PM
 
1,036 posts, read 505,867 times
Reputation: 1782
The only people safe are the really rich or poor. Really rich is unattainable for most.

Plan accordingly.
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Old 01-25-2019, 04:48 PM
 
3,669 posts, read 4,919,487 times
Reputation: 2422
Quote:
Originally Posted by Lowexpectations View Post
I will certainly end up paying more in 2018 vs 2017. I also made a decent amount more money so it will take a little bit more work to compare it yoy accurately



I can assure I am not missing anything, I fully understand how our tax system works
you're absolutely missing it. You definitely have no clue. I, with all my issues with my 2018 tax return probably know better than that. you need to go back to school son. lol
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