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Are the changes to the tax laws going to affect you?

9 write offs you can’t claim anymore

1. Personal exemptions
2. Casualty and theft losses
3. Unlimited SALT deductions (state and Local tax)
4. Mortgage interest above $750,000
5. Unrestricted home equity loan interest deduction
6. Moving expenses
7. Work-related expenses
8. Tax preparation fees
9. Other miscellaneous expenses
[quote]Many other miscellaneous deductions are off the table for 2018. Also included in this bunch are expenses related to investment fees, legal fees, home office use and alimony for divorces finalized after December 31, 2018. These deductions will be reinstated in 2026 unless Congress votes to extend the current rule.[/quote]

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jackjjackson · 61-69, M

They are all minor other than the SALT restrictions which only affect the coastal elites. Boo hoo.

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KaysHealingPath · 36-40, F

@jackjjackson #1 isn’t a minor
Google it. It’s easy

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jackjjackson · 61-69, M

You google it. You’re the confused person here. The lower rates and higher standard deductions more than offset that. You’re presenting a false narrative. @KaysHealingPath

jackjjackson · 61-69, M

Thanks but that’s an overstatement. I do know taxes, sports and ads about it. @SeymourWeiner

MethDozer · M

@jackjjackson Alabany is in a tizzy over it saying how it puts an unfair burden on NYS citizens by eliminating a deduction in a high tax state. Instead of Albany conning to reason and.logic and realizing that NYS taxes are just too god damn high in the first place. Yet they want to blame it in the fed not offering enough deductions.

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QuixoticSoul · 41-45, M

@MethDozer High state taxes are how states like NYS and CA becomes donor states that actually pay into the system - even with SALT. Yeah, the new laws punish those that carry their weight, and slack on the deadbeats.

MethDozer · M

@SeymourWeiner If you own property, a business, or are at all productive, NYS and Albany hates you. If you are fruitless, have 7 kids, barely speak useful English, live on section 8, urban, and/or Jerry Springer material. You are then VIP.

MethDozer · M

@QuixoticSoul Yeah, NYS is awesome. Our taxes just dandy. That's why people and businesses are flocking away and away.🙄. Yes, copy NYS if you hate prosperity and growth.

QuixoticSoul · 41-45, M

@MethDozer NYS pays pays in more than they take, yeah. Only a handful of states do. They're doing something right.

MethDozer · M

@QuixoticSoul NYS is doing something wrong as you are e showing . And why we are losing business and population. Albany does everything to screw you and make it hard here. Our taxes are just insane.

jackjjackson · 61-69, M

It affects coastal elites with huge mortgages and mansions generating large real estate taxes. @QuixoticSoul

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jackjjackson · 61-69, M

Are you an AOC fan? @MethDozer

jackjjackson · 61-69, M

CA can’t carry itself. @QuixoticSoul

MethDozer · M

@jackjjackson As an Upstater? He'll no I am not a fan of her, yet I don't think she's commie hellspawn in red pumps either.

QuixoticSoul · 41-45, M

@MethDozer NYS pays more than it takes in, one of only a handful of states that do so (most of which also have highish state taxes). They're carrying the weight of a country's worth of deadbeats. Note that basically none of the states with low or no state taxes do, they're all takers. The new setup skews the burden even more. Yeah, that's retarded.

jackjjackson · 61-69, M

I believes it. Fortunately for you all those fees don’t count as taxes for SALT purposes. @SeymourWeiner

QuixoticSoul · 41-45, M

@jackjjackson And yet we do lmao. While generating more Fed revenue than any state in the country Go figure.

MethDozer · M

@QuixoticSoul More people and business leaving than staying or conning= not good.

It isn't our job to pay for other states either. We are being screwed here, unless you.live in NYC then Albany is working for you.

Paying more than you take in = being screwed.

jackjjackson · 61-69, M

SerIously thought, doesn’t CA run at a large deficit and have a lot of unfounded pension liability? Thr total federal taxes paid is simply a function of CA’s vast population. @QuixoticSoul

QuixoticSoul · 41-45, M

@MethDozer [quote]Paying more than you take in = being screwed.[/quote] It's called carrying your weight lmao. Ideally, everyone would do that, and we'd have a surplus instead of a deficit.

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MethDozer · M

@QuixoticSoul We carry much more than our share of the weight. Nor is your states weight, our responsibility. Fact is state taxes in NY is killing the state. People and businesses are being pushed out in droves. Facts

jackjjackson · 61-69, M

People are fleeing NJ my neighboring states in droves. While there are income and real estate taxes where I live the totals are lower than NJ except for those with huge mansions in prime locations.

As far as home equity loans, some remain deductible and if not simply refi it into one mortgage. The limit applies on interstate on mortgages above $750K. @MethDozer @QuixoticSoul

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