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Old 11-21-2017, 12:56 AM   #15
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And don't forget that they're attempting to remove the sales tax deduction as well.
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Old 11-21-2017, 12:58 AM   #16
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Potential new tax code

What sales tax deduction? Please let it be true🤞🏻
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Old 11-21-2017, 03:27 AM   #17
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What sales tax deduction? Please let it be true����
Why would you want to eliminate the sales tax deduction? ... want to pay taxes on the same money used to pay taxes?
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Old 11-21-2017, 06:43 AM   #18
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Be careful of Credit Lines or Home Equity Loans they are tied to the prime rate and can go up a lot during the life of the loan, however you can lock in your rate on a LOC for the purchase when you make a draw BUT it is higher than the low opening rate you first started with.


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Old 11-21-2017, 06:44 AM   #19
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Potential new tax code

Since when can you write off sales tax, please explain so I can understand, Iím am very serious, really want to know, thank you
Maybe this is an individual state thing?
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Old 11-21-2017, 06:48 AM   #20
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Personally I think itís the right move. ( ok now hit me ) It makes no sense to deduct a interest on a second home of any kind, especially if it is a RECREATIONAL vehicle. Itís questionable why interest on any mortgage is deductible especially considering how many people actually benefit from itemized deductions as compared to std deductions and exemptions.
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Old 11-21-2017, 06:50 AM   #21
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Since when can you write off sales tax, please explain so I can understand, Iím am very serious, really want to know, thank you
Iím fairly sure we can write off sales tax on major purchases here in SC.
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Old 11-21-2017, 06:55 AM   #22
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Since when can you write off sales tax, please explain so I can understand, Iím am very serious, really want to know, thank you
Maybe this is an individual state thing?
You can write off local income tax OR local sales tax but not both you have to choose.

Here in FL with no state income tax there is no choice, just write off sales tax, which was significant when I bought my MH and Jeep in the same year.

The new tax plan would eliminate deducting any local taxes, income or sales.
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Old 11-21-2017, 06:59 AM   #23
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I will make no comment on the Tax Plan here .

If you want my opinion. Facebook My user ID is part of my Facebook ID
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Old 11-21-2017, 07:00 AM   #24
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Personally I think itís the right move. ( ok now hit me ) It makes no sense to deduct a interest on a second home of any kind, especially if it is a RECREATIONAL vehicle. Itís questionable why interest on any mortgage is deductible especially considering how many people actually benefit from itemized deductions as compared to std deductions and exemptions.
I'm with you...
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Old 11-21-2017, 07:12 AM   #25
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Since when can you write off sales tax, please explain so I can understand, Iím am very serious, really want to know, thank you
Maybe this is an individual state thing?
In states that do not have a state income tax, Texas and five others. A portion of state sales tax is deductible from Federal Income tax if a person itemizes. On large purchases RV, Auto,Truck all of the sales tax is deductible. This will go away under the new tax plans.
When this tax plan is signed it will be the first tax break I have received since Ronald Reagan.
For those who donate to charity and have a 401K there is a way to write checks on your 401K that are not taxable. It is called "Qualified Charitable Distribution"
it also counts toward your MRD if you are 70 1/2. I do this trough Fidelity. I have not of read of any changes to this under the new tax plan.
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Old 11-21-2017, 07:23 AM   #26
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In states that do not have a state income tax, Texas and five others. A portion of state sales tax is deductible from Federal Income tax if a person itemizes. On large purchases RV, Auto,Truck all of the sales tax is deductible. This will go away under the new tax plans.

When this tax plan is signed it will be the first tax break I have received since Ronald Reagan.

For those who donate to charity and have a 401K there is a way to write checks on your 401K that are not taxable. It is called "Qualified Charitable Distribution"

it also counts toward your MRD if you are 70 1/2. I do this trough Fidelity. I have not of read of any changes to this under the new tax plan.


Ok that clears a lot up, thank you. California, Los Angeles is brutal, 9.5% sales tax, I so wish sales tax was deductible here.
Oh the Reagen days, miss them
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Old 11-21-2017, 07:23 AM   #27
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In states that do not have a state income tax, Texas and five others. A portion of state sales tax is deductible from Federal Income tax if a person itemizes. On large purchases RV, Auto,Truck all of the sales tax is deductible. This will go away under the new tax plans.
When this tax plan is signed it will be the first tax break I have received since Ronald Reagan.
For those who donate to charity and have a 401K there is a way to write checks on your 401K that are not taxable. It is called "Qualified Charitable Distribution"
it also counts toward your MRD if you are 70 1/2. I do this trough Fidelity. I have not of read of any changes to this under the new tax plan.
This part was true even if you did not itemize and used the state sales tax table.
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Old 11-21-2017, 07:26 AM   #28
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Ok that clears a lot up, thank you. California, Los Angeles is brutal, 9.5% sales tax, I so wish sales tax was deductible here.
It is deductible in ANY state, but if you do you can't deduct state income tax, one or the other. Usually income tax is the bigger deduction, but if you make a big purchase maybe not.

Please see: https://www.irs.gov/credits-deductio...ax-at-a-glance
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