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Old 12-25-2018, 10:11 AM
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Originally Posted by Morris View Post
It's not that I "don't have to" do itemizing, it's that I can "no longer do" itemizing, because the new tax law no longer allows all my state and local taxes (above 10,000) to be deducted. My property taxes alone exceed that. So by limiting my itemized, I now "get" to take the standard deduction, and guess what? I'm paying more taxes! And my income is not very high either. (5 figures)
In 2017, our state and local taxes (which also include property taxes) exceeded $10,000 by quite a bit!

We have state income tax, plus a local income tax, and a property tax.

Last year, in 2017, we paid extra on our property taxes which were already assessed, knowing that in 2018, we would not have the benefit of being able to deduct any state, local, and property taxes over $10,000.
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Old 12-25-2018, 10:12 AM
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Originally Posted by MsPerky View Post
^ Fortunately, I don't exceed the limit.
Are you also counting your state income tax, in addition to your property tax?

Do you have any local income tax, too? (We do.)
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Old 12-25-2018, 10:30 AM
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We have personal property taxes on cars and boats that can be several hundred bucks. And sales tax at 8% really adds up, especially if you keep track of the actual tax you paid instead of using the lousy tables they give filers to use.
I also doubled up on my property taxes in 2017 knowing the limit was coming. But this year I have half the property tax, state income tax and lots of sales tax including on the SL I purchased Halloween. I'm way over the 10K.
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Old 12-25-2018, 10:47 AM
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Originally Posted by buckeyesue View Post
Are you also counting your state income tax, in addition to your property tax?

Do you have any local income tax, too? (We do.)
Yes, I am. Don't have any local income tax.
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Old 12-25-2018, 10:53 AM
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Originally Posted by MsPerky View Post
Yes, I am. Don't have any local income tax.
You must have pretty low taxes then. Lucky you.
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Old 12-25-2018, 11:59 AM
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^ For 2017 I came in just under $10K for both.
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Old 12-25-2018, 01:45 PM
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Hate to brag but no state, no local, and property < $2k. I haven't itemized in probably 20 years.

Last edited by dlq04; 12-25-2018 at 02:41 PM.
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Old 12-26-2018, 07:48 AM
  #28  
 
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Let's just say I'm not thrilled with the change on deductions.
we lost more in deductions than total the updated individual deductions combined for both of us.

normally when i get treated that way, at least the person doing it has a medical degree.
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Old 12-26-2018, 10:17 AM
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Originally Posted by dlq04 View Post
Hate to brag but no state, no local, and property < $2k. I haven't itemized in probably 20 years.
Wow, good deal. We have no sales tax and low property/school taxes. $1,250/yr. But we do pay state tax. We get lots of transplants from N.Y. N.J. and PA. Their taxes are crazy.
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