Author Topic: 2017-2018 Off-season Discussion Thread  (Read 59670 times)

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Offline Natsinpwc

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Re: 2017-2018 Off-season Discussion Thread
« Reply #1450: March 08, 2018, 09:21:08 AM »
Not so much anymore.  I ran my 2016 numbers as if under the new tax law and my state and local taxes got reduced so much that I wouldn't itemize, which means the interest deduction was rendered worthless.

Your mileage may vary.
Depends on his situation. I believe the limit on mortgage interest is on loans up to 750,000 in the final bill. I haven't paid much attention to that since my loan is nowhere near that. If he used an equity loan on another property to help with his down payment the interest on equity loans is no longer deductible with some exceptions. His state and local taxes deduction will be limited to 10,000 which will probably hurt him in DC. If he is single his standard deduction if 12,000. I could see him exceeding that easily and itemizing his deductions. If he rents out a room to Ray or FP that would complicate things.