Community Forums

BillJinOR · 12-05-2017, 09:38 AM

I have had mine done in the past .. I didn’t know medical ins premiums were deductible. I thought only expenses not the cost of the insurance and then only if Over 2%
Being from Oregon has one benefit .. no sales tax !

AzGoldDigger · 12-05-2017, 10:10 AM

I think it is worth pointing out that you could only deduct state sales tax OR mortgage interest. Unless you own your residence outright and pay cash for the RV (a first or second home), you really aren’t losing anything.

AzGoldDigger · 12-05-2017, 10:18 AM

Quote:

Originally Posted by Grn_Mtn_Boy

I don't understand this comment that there is no tax relief here. If referring to the increase in the standard deduction, I and 80 % of Americans who don't itemize will see substantial tax relief.

I suggest people don’t sweat all the propaganda spewed by the talking heads on TV. I plan to fill out my 2017 and 2018 returns, compare the bottom line, and vote accordingly.

I spent three whole days last year doing my relatively simple taxes. What a waste of my time; extremely frustrating experience.

wnytaxman · 12-05-2017, 10:41 AM

Quote:

Originally Posted by AzGoldDigger

I think it is worth pointing out that you could only deduct state sales tax OR mortgage interest. Unless you own your residence outright and pay cash for the RV (a first or second home), you really aren’t losing anything.

I'm not sure where you got that information from but it is incorrect. You get either the sales tax or your state income tax, whichever is greater. You get the mortgage interest as long as your principal is under $1,000,000 and you get the second home interest deduction also.

Winepress · 12-05-2017, 10:46 AM

Quote:

Originally Posted by wnytaxman

I'm not sure where you got that information from but it is incorrect. You get either the sales tax or your state income tax, whichever is greater. You get the mortgage interest as long as your principal is under $1,000,000 and you get the second home interest deduction also.

That’s my understanding also. Even though I bought my new Dutch star this year, my state taxes will be higher, so that’s what I deduct. Looks like it may be a different set of rules for 2019.

wnytaxman · 12-05-2017, 10:54 AM

Quote:

Originally Posted by BillJinOR

I have had mine done in the past .. I didn’t know medical ins premiums were deductible. I thought only expenses not the cost of the insurance and then only if Over 2%
Being from Oregon has one benefit .. no sales tax !

Many folks forget their Medicare premiums which are also deductible as medical insurance. Unless someone had a severe illness it is rare we see a medical deduction.