Author Topic: 2017-2018 Off-season Discussion Thread  (Read 63209 times)

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Offline bluestreak

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Re: 2017-2018 Off-season Discussion Thread
« Reply #1450: March 08, 2018, 03:58:30 PM »
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.

There is no way that Mike Rizzo is taking the standard deduction.

But the limit is 750,000 in the new tax bill. It was $1,000,000 if you bought the house prior to December 14, 2017. But who knows if the guy even got a mortgage. He makes 2.5 million per year. It's not out of the realm of possibility that he bought a $1.3 million house outright.

Now that I am looking at this, I am wondering if I am responding to a joke post. O well.