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Re: GOP Tax Plan

Posted by AlM on Sat Dec 16 23:36:37 2017, in response to Re: GOP Tax Plan, posted by Henry R32 #3730 on Sat Dec 16 23:03:01 2017.

Single, no kids, less than $10,000 in property taxes.

But quite likely to be able to itemize deductions in 2017 and less so in 2018, which significantly diminishes their savings from the tax bill. And the relevant criterion for the 10K threshold is property tax plus income tax.

Let's say your single person has 6K in mortgage interest, 6K in real estate tax, 6K in income tax, and 1K in charitable deductions.

In 2017, they can shield 23K from their taxes (adding in the 4K exemption). In 2018, they can shield 6K +10K + 1K = 17K. There goes a lot of the savings.

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