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re: Middle class taxes going up with what was passed?

Posted on 12/5/17 at 9:43 am to
Posted by LSURussian
Member since Feb 2005
126963 posts
Posted on 12/5/17 at 9:43 am to
quote:

1) Neither Plan allows them to deduct for taxes paid to their State.
That applies just to sales and state income taxes, NOT local and state property taxes.
quote:

2) You can no longer deduct Home Property Taxes over 500k.
You're confusing the home mortgage interest deduction with the property tax deduction.

Both the House and Senate versions allow up to $10,000 in local and state PROPERTY taxes to be deducted from taxable income.

The Senate version allows home mortgage interest on the first $1,000,000 of a home loan to be deducted. The House version cuts the loan limit to $500,000. This difference still has to be worked out in conference committee.
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