Page 75 - Deductions News Today

Are involved who have a personal agenda or vendetta against the president, thats something i am concerned about and we all should be concerned about. i think bob mueller should be concerned about it as well. >> obviously he is, and they are not on the team anymore. let me turn to taxes. you voted against taxes because of the new cap on deductions, and the president told "the new york times" that its because blue state democrats didnt come to the table to fight back. he said, i could have done so...

Essentially been subsidized by the fact you could deduct it on your federal return. this could make renting look much more attractive, whether its your principle residence or even the second, you know, the vacation home market. so i think high taxed states have reason to be worried for their homeowners and then for those working or living in their states with the elimination of the deduction for the income tax. >> another deduction here. the one for charitable giving. we had cyber monday give wa...

Bob massey, post of "the property man" is here to help us with that. if you live in a high-tech state, like new york, like connecticut, like new jersey, like california, should you prepare? >> good time to be a taxpayer in this country. i would say, as you know, the irs list is sent out an advisory letter basically saying, be careful for those of you who will prepay because unless its assessed, no assessment, im assuming that means that the home owner has received a bill for the 2018 taxes and w...

Which for a single taxpayer will be $12,000 and married, $24,000. if most of your itemized deductions have been eliminated because of the caps and just by the category, then you may not get much of an additional deduction for charity. so what you should do is, you still have time to get to this year and itemize it on your 2017 return, or plan on bunching your itemized -- your charitable deductions so youre taking them, a larger amount in one year, getting over the standard deduction, and then ta...

Biggest hit. theres been some confusion whether or not home owners are able to prepay and get the deduction while it lasts. blake burman with the news to try and clear up any confusion. >> tax collectors had decided to keep their doors open longer heading into this holiday we can to accommodate the last-minute rush by some home owners who are deciding to prepay through 2018 property taxes. for example, montclair company in new jersey just across the river from me in new york, they decided to sta...

>> the deductions are not only for property taxes. they average around $9,000 a year. >> the highest in the country, yes. >> absolutely the highest in the country. we have a graduately graduated state income tax. our new governor wants to raise the state income tax. >> lets talk about that. upper new jersey. these are the rich people. they should pay more of their share. that is some of the argument we have heard. will this just hurt the upper class, upper middleclass, or other people hurt as we...

You may be standing in line for nothing. here to explain. >> reporter: hundreds of homeowners racing to prepay their 2018 property taxes hoping to take advantage of a popular deduction that will be reduced when the new tax law goes into effect on january 1st. >> i know we are going to get it in this year and we can write it off but not sure about next year. >> reporter: last minute rush amid confusion about the law signed into law last week. $10,000 cap for deductions state and local taxes that ...

The finalists for the spot so any of those would be excellent choices to open on the supreme court. heather: apologize for the construction that you powered through it. appreciate it very much. 20 minutes until the top of the hour, trying to take advantage of deductions before the reform bill takes effect but the chaos for nothing? politics collided with controversy with the nfl national and kneeling protests. dominating the headlines of 2017. ♪

System in which case you wouldnt get any deductions at all for the year 2017. and you cant do that without having some professional advice. >> so the alternative minimum tax hits people in what bracket? $80,000 and up? >> well, in theory it can start lower than that. but essentially if you make over $200,000 and in many cases $100,000 to $150,000 and live in high tax indicates like new york, new jersey, connecticut, california, you are likely to be in the tax system. there is one other thing at ...

Homeowners racing to pay the 2018 property taxes hoping to take advantage of a popular deduction that will be reduced when the new tax law guess into effect january 1st. >> i know we get it in this year and write it off but not sure about next year. >> reporter: the last-minute rush amid confusion of one of the most controversial parts of the bill signed in law by president trump last week. a $10,000 cap on deductions for state and local taxes that will disproportionately impact homeowners in hi...