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Originally Posted by Spuds
I think it's just the standard deduction that increased with the tax changes didn't it? I don't think any regular deductions decreased.
Idk. Good luck?
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I no longer am able to deduct all my state income tax and property tax due to the 10k ceiling. That seems to have been a ploy to hurt those living in the large urban centers experiencing massive growth (also, from what I can tell, all politically similar so it may have been intended to target that base, as well.) It doesn't make sense to me otherwise.
And at this point mortgage interest doesn't help either, so really no value keeping the mortgage other than to maintain a banked cash buffer. We've managed to avoid dipping into it to make ends meet with some creative juggling just after all the lock-downs hit and it became clear the job search would be slowed... never imagining it would be this difficult to find a job! Some savings toward a bit of renovation went to the mortgage instead, then a recast. Cash buffer let me pay cash for the unexpected replacement BRZ a few years ago (since repaid); also made sure we could pay for the new HVAC we needed this summer - stuff like that. I'll take the loss in potential revenue (and the lack of risk) against the lack of headache... even though "we could be doing something with that money"
I think this will be the last year with stock on a foreign exchange - huge headache on the taxes, but I think no gains so there's that.
This is why I pay someone to do the paperwork now, though.