J
jmoney74
Guest
Pretty sure this will drag on and these dates will all change. I'm also thinking it gets eliminated but that's my opinion.
Trump Tax Reform and Home Prices
- Thread starter Goriot
- Start date
the.irvine
Active member
Stocks of all major home builders are down today.
This will potentially have a big impact on non cash buyers.
This will potentially have a big impact on non cash buyers.
irvine buyer
Active member
Doesn't work that way. Loan being replaced has to be qualifying or the replacement loan doesn't qualify either. In addition, the replacement loan balance cannot exceed the loan balance of the qualifying loan.
The House Republican tax bill would eliminate the ability for individuals to deduct qualified medical expenses, a provision that could have major implications for households with extremely high health-care costs.
https://www.google.com/amp/thehill....ould-eliminate-medical-expense-deductions?amp
https://www.google.com/amp/thehill....ould-eliminate-medical-expense-deductions?amp
?Teachers Would Lose $250 Deduction for Classroom Materials Under GOP Tax Bill
The tax bill proposed by Republican leaders yesterday scraps a benefit that many teachers have come to rely on: the $250 "educator expense deduction," which can be used to recoup the cost of classroom materials.
Teachers spend about $530 of their own money on classroom items, according to a 2016 nationally representative survey from Scholastic. In high-poverty schools, they spend about 40 percent more?an average of $672.
An Oklahoma teacher gained attention this summer by panhandling to raise money for her classroom. Photos of her begging on a highway overpass spread across social media and ultimately helped her raise $25,000 in donations.?
http://mobile.edweek.org/c.jsp?cid=25920011&item=http%3A%2F%2Fapi.edweek.org%2Fv1%2Fblog%2F62%2Findex.html%3Fuuid%3D74239
My comment: Dedicated people teaching the children. I can?t believe that teacher had to panhandle to raise money for her classroom, but it help her raise $25k.
You may think that everything is provided to the teachers. But that?s not the case.
The tax bill proposed by Republican leaders yesterday scraps a benefit that many teachers have come to rely on: the $250 "educator expense deduction," which can be used to recoup the cost of classroom materials.
Teachers spend about $530 of their own money on classroom items, according to a 2016 nationally representative survey from Scholastic. In high-poverty schools, they spend about 40 percent more?an average of $672.
An Oklahoma teacher gained attention this summer by panhandling to raise money for her classroom. Photos of her begging on a highway overpass spread across social media and ultimately helped her raise $25,000 in donations.?
http://mobile.edweek.org/c.jsp?cid=25920011&item=http%3A%2F%2Fapi.edweek.org%2Fv1%2Fblog%2F62%2Findex.html%3Fuuid%3D74239
My comment: Dedicated people teaching the children. I can?t believe that teacher had to panhandle to raise money for her classroom, but it help her raise $25k.
You may think that everything is provided to the teachers. But that?s not the case.
Like almost everyone who bought a new home in Irvine the past 5 years my property tax exceeds $10K. Heck many in the Great Park pay that much in CFD! So I was pondering paying my second 2017-2018 tax installment this year. I know I can deduct it this year but may not next year.irvine buyer said:
Smart tax planning or paranoia?
rickr said:
From my cursory review of the bill, it seems that it *starts* 1/1/2018, and thus, would not impact your tax return until the one that you need to file on 4/15/2019. So your tax return that you file next year will be under the "old" rules. At least, that's what it appears as of now, but who knows?
Liar Loan
Well-known member
eyephone said:
Yep, my wife is eligible for this credit and she has exceeded $250 in classroom expenses every year that we've been together - about 14 years. I would say her average yearly expense is $350-400. Sometimes the PTA will reimburse $100 of that, but sometimes not.
The things she pays for are arts & crafts, classroom books, and regular school supplies. If a kid is on the school lunch program, there's a good chance they won't show up with any supplies of their own when school starts.
TRUMP TAX PLAN:
http://www.sfchronicle.com/business...s-high-taxes-costly-housing-mean-12327807.php
As of november 2, if we buy a second home, we cannot claim mortgage interest rate deduction beyond 500K, the earlier 1 M deduction limit CAN NO LONGER be used.
HOW TRUE IS THIS? and how can they randomly just implement it?
TEXT FROM ARTICLE:
The proposal would cap the mortgage interest deduction on new home loans. Today, homeowners can deduct interest on up to $1 million in mortgage debt used to buy, build or improve a first and second home, plus up to $100,000 in other mortgage debt (such as a home-equity loan used to buy a car). For existing mortgages, those rules would not change. But starting Nov. 2, if you took out a new loan, you could only deduct interest on up to $500,000 in mortgage debt on a principal residence and no interest on new home-equity debt.
Is the only way out from this crap is to BUY house on LLC name or S-Corp Name and then make use of the proposed new20% tax bracket and rent the unit out? and claim all property expenses - mortgage interest rate deductions using company? /
http://www.sfchronicle.com/business...s-high-taxes-costly-housing-mean-12327807.php
As of november 2, if we buy a second home, we cannot claim mortgage interest rate deduction beyond 500K, the earlier 1 M deduction limit CAN NO LONGER be used.
HOW TRUE IS THIS? and how can they randomly just implement it?
TEXT FROM ARTICLE:
The proposal would cap the mortgage interest deduction on new home loans. Today, homeowners can deduct interest on up to $1 million in mortgage debt used to buy, build or improve a first and second home, plus up to $100,000 in other mortgage debt (such as a home-equity loan used to buy a car). For existing mortgages, those rules would not change. But starting Nov. 2, if you took out a new loan, you could only deduct interest on up to $500,000 in mortgage debt on a principal residence and no interest on new home-equity debt.
Is the only way out from this crap is to BUY house on LLC name or S-Corp Name and then make use of the proposed new20% tax bracket and rent the unit out? and claim all property expenses - mortgage interest rate deductions using company? /
Liar Loan
Well-known member
dream16 said:
You don't have to form an LLC or S-Corp to run an investment property. An LLC only provides liability protection, not tax protection, so that wouldn't help you anyway. An S-Corp would allow you to pay a lower income tax rate, but if your main investment objective is LT capital gains then you already pay a lower rate of 15%.
peppy said:
DUMB Question: if we buy 2nd and 3rd property now and lock ourselves in mortgages worth 1M - will we be GRANDFATHERED into older policy or not?
If not, then investing in US Real estate is going to loose its charm for me, perhaps time to use my canadian green card to get more bang for the buck.
Liar Loan said:
So then the S-Corp will own the properties at 15% tax rate. Now will have to figure out how the mortgage interest rate deduction will workout in this scenario - i hope upto 1M is allowed in this category? I might be confusing things here, sorry.
"Short-term capital gains are taxed at the investor's ordinary income tax rate and are defined as investments held for a year or less before being sold. Long-term capital gains, on dispositions of assets held for more than one year, are taxed at a lower rate"