General Discussion
In reply to the discussion: I'm Old, on Social Security, and Just Finished Doing My Taxes [View all]still_one
(92,190 posts)because they limit the tax deduction on property tax plus SIT to 10K
If you bought a while ago you might be ok within the 10K limit
otherwise, odds are good you are paying more than 10K for property taxes, and you are not allowed any more than 10k
If you have been using a home equity loan for education or anything other than home improvement you cannot deductions the interest any more. That can amount to several thousand loss in itemized deduction. Add to that the removal of the personal exemption, plus if you used to itemize, the loss of several those several thousand in deductions will put people under the limit of the standard deduction, and as a result lose the tax deductible charity deduction
This is not anecdotal. The criteria I setup was very specific. Blue states that have high property tax plus SIT, and equity loan not used for home improvement who used to itemize deductions will be most vulnerable to this. They will lose several thousand in itemized deductions and take the std deduction plus the loss of the personal exemption, odds are good those in that category will be paying more taxes
Since California doesnt conform to federal guidelines, folks in that category can still itemize in California state
The conditions I stated affect a lot of folks