Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not considering anything but the 2 big tickets - IRS taxes, and the SALT.
the 2017 IRS info:
39.6% on amounts over $470,700
the 2018 IRS info:
37% on amounts over $600,000
so, for 2017: $2,000,000 - $470,700 = 1,529,300 x 39.6% = $605,600
for 2018 it will be: $2,000,000 - $600K = 1,400,000 x 37% = 518,000
so..... you'll pay $87,600 less on the rate, but $37,000 more from losing a deduction. You'll come out 50K ahead.
That's certainly a bit simplified, but it's also why I've said before that we'll have to wait until folks actually file taxes. And why I say that emotionally, the only thing people can process is the $37K you're looking at.
I don't disagree with you. And it might not be as big given we often get hit with AMT. It's hard to calculate until you open up Turbo Tax in 2018. There are other factors, like losing the personal exemptions.
But I imagine others are doing the same thing we are, taking a wait and see approach. But I know in Illinois, the ONLY option is higher taxes. It would be shocking if the one who is campaigning on raising taxes doesn't win.
this morning, i got an email from Redfin, a market update. Sales in September had SLUMPED 4.6%. I don't think that's the right word for that change in activity.
Once I actually read, they also reported prices were only up 2.1% since last year. They blamed THIS on the double-digit unit sales drop in the most expensive markets, including SEA, LA, and San Jose.
Now, I'd be concerned, and want more analysis of WHY sales #'s dropped by 10%+ in those locations.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
