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re: Middle class taxes going up with what was passed?
Posted on 12/5/17 at 9:43 am to tigerterrace
Posted on 12/5/17 at 9:43 am to tigerterrace
quote:That applies just to sales and state income taxes, NOT local and state property taxes.
1) Neither Plan allows them to deduct for taxes paid to their State.
quote:You're confusing the home mortgage interest deduction with the property tax deduction.
2) You can no longer deduct Home Property Taxes over 500k.
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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