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sellerbe
Contributor

Question on new tax law

It seems that the combined deduction of property taxes and state income taxes will be capped at $10,000.00.

 

Won't this affect some land owners significantly?

 

I think that as a retired landowner my taxes will go up.

 

Also interest paid on home equity loans will no longer be deductible. That's going to affect a lot of folks.

4 Replies
BA Deere
Honored Advisor

Re: Question on new tax law

No us farmers can deduct all our land tax...that`s what I`m gonna do.  The $10,000 cap is for the millionaires and billionaires in the 1% with their McMansions.   As long as your home isn`t over $750,000 you can deduct mortgage interest, what are you Scrooge McDuck?   🙂

r3020
Senior Advisor

Re: Question on new tax law

I think BA is right. But wall street hates it. That's why the north east repubs voted against it.

Re: Question on new tax law

That's on personal, you can still write that stuff off against rental income.

JimMeade
Veteran Advisor

Re: Question on new tax law