DFD

Big Brain Bradley wrote: ↑Thu Nov 02, 2017 7:57 am https://www.yahoo.com/gma/house-tax-pla ... 07970.html

oh look the estate tax elimination is prob going to fail too, another broken campaign promise. Tax the dead. Stupid.

wap wrote: ↑Thu Nov 02, 2017 1:15 pm

Big Brain Bradley wrote: ↑Thu Nov 02, 2017 7:57 am https://www.yahoo.com/gma/house-tax-pla ... 07970.html

oh look the estate tax elimination is prob going to fail too, another broken campaign promise. Tax the dead. Stupid.

Good.

Big Brain Bradley wrote: ↑Thu Nov 02, 2017 1:22 pm

wap wrote: ↑Thu Nov 02, 2017 1:15 pm

Good.

yea lets fuck the Millennials a little bit more, they can take it.

also, everyone that not a with a little money is going to LLC themselves up the the 9's and then the gov will get screwed out of 100% of any estate tax, or even sales from assets of the dead (houses and the like).

wap wrote: ↑Thu Nov 02, 2017 2:35 pm

Big Brain Bradley wrote: ↑Thu Nov 02, 2017 1:22 pm

yea lets fuck the Millennials a little bit more, they can take it.

also, everyone that not a with a little money is going to LLC themselves up the the 9's and then the gov will get screwed out of 100% of any estate tax, or even sales from assets of the dead (houses and the like).

It only applies to estates over like $10 million or something. Not many are impacted, but the poor Ivanka's of the world will be so bad off.

Big Brain Bradley wrote: ↑Thu Nov 02, 2017 2:39 pm

wap wrote: ↑Thu Nov 02, 2017 2:35 pm

It only applies to estates over like $10 million or something. Not many are impacted, but the poor Ivanka's of the world will be so bad off.

$5M but still taxed on sale of items.

well thats not as terrible then

troyguitar wrote: ↑Thu Nov 02, 2017 2:44 pm Also, anyone who has anywhere near $5M can figure out a way to stash it in various buckets such that the tax doesn't apply... It's 100% a non-issue.

troyguitar wrote: ↑Thu Nov 02, 2017 2:43 pm It's $5M, but

[user not found] wrote: ↑Sat Dec 02, 2017 3:22 pm So, regretting buying a house in NJ in 5, 4, 3...

Fucking tax bill.

[user not found] wrote: ↑Sun Dec 03, 2017 8:48 am

wap wrote: ↑Sun Dec 03, 2017 1:22 am

Weren't the property taxes shown on the listing sheet?

Not that.

The US tax reform bill.

[user not found] wrote: ↑Sun Dec 03, 2017 8:48 am

wap wrote: ↑Sun Dec 03, 2017 1:22 am

Weren't the property taxes shown on the listing sheet?

Not that.

The US tax reform bill.

[user not found] wrote: ↑Sun Dec 03, 2017 2:31 pm

Big Brain Bradley wrote: ↑Sun Dec 03, 2017 1:33 pm

yea, its a bunch of shell shuffling. Half measures. You wont be affected.

While likely I’m still this won’t fuck us.

Not sure the raising of the standard deduction and elimination of the state and local tax exemption won’t fuck us because we do itemize heavily due to the wife’s business.

Not much we can really do but get fucked anyway, though.

[user not found] wrote: ↑Sun Dec 03, 2017 2:31 pm

Big Brain Bradley wrote: ↑Sun Dec 03, 2017 1:33 pm

yea, its a bunch of shell shuffling. Half measures. You wont be affected.

While likely I’m still this won’t fuck us.

Not sure the raising of the standard deduction and elimination of the state and local tax exemption won’t fuck us because we do itemize heavily due to the wife’s business.

Not much we can really do but get fucked anyway, though.

[user not found] wrote: ↑Sun Dec 03, 2017 8:48 am

wap wrote: ↑Sun Dec 03, 2017 1:22 am

Weren't the property taxes shown on the listing sheet?

Not that.

The US tax reform bill.

Big Brain Bradley wrote: ↑Sun Dec 03, 2017 6:23 pm

[user not found] wrote: ↑Sun Dec 03, 2017 2:31 pm

While likely I’m still this won’t fuck us.

Not sure the raising of the standard deduction and elimination of the state and local tax exemption won’t fuck us because we do itemize heavily due to the wife’s business.

Not much we can really do but get fucked anyway, though.

I don't know the ins and outs but if you guys are not deducting more than 2x what the standard is now it should still be a net benefit

4zilch wrote: ↑Mon Dec 04, 2017 6:00 am

Big Brain Bradley wrote: ↑Sun Dec 03, 2017 6:23 pm

I don't know the ins and outs but if you guys are not deducting more than 2x what the standard is now it should still be a net benefit

I usually itemize, but new standard deduction is > my itemizations last year.

[user not found] wrote: ↑Mon Dec 04, 2017 8:04 am

Big Brain Bradley wrote:
ok.....so a little more about this now that i have time to kill.

Fundamentally, I don't like what they are doing because its a bandaid on a broken system.

HOWEVER, IMHO they are setting shit more 'the way it should be' to level the playing field.

Home interest deduction was always a bad idea and should get nixed. Unpopular opinion is unpopular, but hey it true. Now is a good time to do it.
Higher interest 'old' loans have low enough interest payments that they don't get to itemize anymore
Newer low interest loans simply don't pay enough in interest to get the deduction. Side note: curious to see if we get enough interest payment this year to itemize on our 265k 20% down 3.5% rate loan.

As an extension, the property tax deduction was a loophole places like TEXAS used to still get their money but not apply too much pressure to the tax base. Hey n00b, texas has no income tax and high property tax which allows to to deduct LOCAL taxes (currently on federal you can do local sales or state income but not both) and get their revenue via property tax while hiding behind the federal deduction.

Simplifying the bracket structure is good, but Im a flat tax (ie one bracket) guy.

discuss. hate me.

I don't disagree with the general plan but this execution sucks. Big time.

[user not found] wrote: ↑Mon Dec 04, 2017 4:02 pm FYI: https://www.nar.realtor/sites/default/f ... Jersey.pdf

Timing > me.

Glad I bought the house $5.5k under market I guess?

NeonJonny wrote: ↑Fri Dec 08, 2017 4:08 pm So I'm in the market to buy a house.... Hold off until Bernie in 2020? Lmao wtf happened...
Cliff notes on wtf just happened? I don't understand any of this. You won't be able to write off the interest of your house?
Why not go after business? Stop them from bullshit write offs. Flat tax them x%. It would keep them in check. It would make businesses keep other businesses in check.

NeonJonny wrote: ↑Fri Dec 08, 2017 4:08 pm So I'm in the market to buy a house.... Hold off until Bernie in 2020? Lmao wtf happened...
Cliff notes on wtf just happened? I don't understand any of this. You won't be able to write off the interest of your house?
Why not go after business? Stop them from bullshit write offs. Flat tax them x%. It would keep them in check. It would make businesses keep other businesses in check.