Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
irasmilo: "Of course, much of this is moot for 2018."

Apologies to the OP for hijacking the thread, but IRA, peter and the rest of the board regulars, does anyone have a good summary of the 2018 changes, and what is still deductible and especially any "above the line deductions" that are available if one does not itemize? It is hard for me to imagine that the Republican base would accept loss of church/charitable donations if one does not itemize.

The increase in the standard deduction, along with the SALT limitation, "kills" my prior strategy of alternating between standard deduction and stacking deductions (which mainly involved paying two years of real estate taxes in the same calendar year, which is easy to do in Texas without going delinquent).

Also, is there any grandfathering of home equity loan interest deductions for loans taken prior to the change in the law (i.e., the old 100k limitation)?

Regards, JAFO
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement