Oh, and get this. In my state there is a move to collect local sales tax on anything you spend in other states. And are trying to get access to credit card records to ensure compliance. Big Brother is moving fast folks. --47.216.xx.xxx

I, like everyone else have not read the tax bill. I wouid suspect though that the 10,000 deduction wouid only be on personal houses, not on investment houses. If it is, I may as well give everything away. This year I am paying near 100k on prop tax, but only 6000 of that is on my personal home. --75.141.xxx.xxx

I'm happy living in a no-income-tax state. I firmly believe that states shouldn't be interchangeable. They ought to embrace/prioritize different things, and people ought to be able to find one that embraces the things they embrace/prioritize, too. But when everything is homogeneous with a heavy federal govt, there's fewer and fewer places to go... --96.46.xxx.xx

The property tax deduction cap will only apply to your residence(s). Taxes on commercial property will continue to be a deduction from gross income, just as always. --98.146.xxx.xx

--74.96.xxx.xxx

Because 2 or 3 states have higher (hugh) taxes it's reasoned they should be allowed to deduct those. NO NADA NOT. They those few states need to curb their give away programs and over spending. They are in reality asking all of the other state to pay for THEIR generosity to their Residents. --99.103.xxx.xxx

Based on the fact that Journalism is indeed DEAD - I will not believe any of the crap I read or hear from the media until I actually get the final script . I pay my accountant to do that. Not a single brain cell is being expended to worry about what coulda shoulda woulda happen. There are a few legal and business analysts that I respect and do listen to them when they appear on TV or print. It is pure insanity to accept the word on anything from a journalist as their training has zero rigorous endeavor in the fields of economics or the legal industry. --24.34.xx.xxx

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I think as this whole bill shakes out there may be some executive orders. --73.33.xxx.xxx

Landlords that aren’t too highly leveraged AND have a W2 job will get to deduct 20% of their profits. So, quite a nice benefit for folks like Sid. --24.177.xxx.xx

Then again not so much of a surprise. Trump has rental property as do many politicians. --24.177.xxx.xx

Beth WI-- 20% tax on "profit" we're LL's we have no profit? Didn't you go to that seminar? --99.103.xxx.xxx

I am all for a simple lower tax. Too much time, effort and money is lost in doing taxes. Too much is subsidized forever, too much is a favorite deductions pushed by the group that uses it. I think a whole lot more has to be done to make taxes simpler. --96.236.xx.xx

Thanks, John (MI)! --96.46.xxx.xx

I know that's right ! --71.13.xx.xxx

I'm not too worried about it. The guy at the top who wrote the new tax code made his fortune in real estate. --66.189.xx.xxx

I think he made his $ by licensing his name as a brand. not from his numerous re bankruptcies & stiffing vendors and employees.. --166.137.xxx.xx

--96.236.xx.xx

Then again, it means job security for me, so I can't complain. On a personal level we will only be affected by loss of the personal exemption. We have always itemized so the larger standard deduction is meaningless to us. --155.201.xx.xx

Being someone from a higher taxed state I must chime in on this. Also, being someone who is a CPA who doesn't practice and has a good understanding of the tax law. Many folks in NY do pay higher taxes. However, we are a state with many people and require more services compared to states with fewer folks. We are also a state that generally has a higher cost of living along with higher salaries. The folks who retire from NY can move to any section of the country and sustain a comfortable living or retirement, the reverse isn't always true (no insults intended). People complain about higher taxes, but we all know an economy is interdependent on local factors. Those areas with low taxes don't usually support higher incomes. It should also be noted the net dollars given to the Feds from NY exceed the funds returned. In fact, NY helps those state who have a higher rate of return on every dollar sent to the FEDS. For example, look at South Carolina who receives about $3.oo for every $1.00 spent to the Feds. Again, most incomes don't compare to NY salaries. As such, many higher taxed states are subsidizing lower income states. It just so happens NY and California are blue state and SC is a red state. Is the tax plan politically motivated by Trump? Will the tax law harm the economy of NY and California. If so, will the deficit grown larger since the higher tax state do subsidize those lower earning states? The increase in the standard deduction will not compare to the lose in state income tax deduction or limit on personal property taxes deduction of $10,000 (SALT). In fact, most folks who itemize currently will not be able to itemize their deductions going forward. An individual who owns a home compared to someone who doesn't in most cases will get the same tax benefit. Will the lack of incentive of buying a home cause a reduction in home values across NY, including the suburbs of NY City? The lose of the dependent exemptions and personal exemptions will also add up quickly. This may amount to a lose of $20,000 for a family of five. The flow through entitles will see a saving, but again who gains the most? The small landlord or the top 1% with the real dollars including our elected officials like Trump. We have no guarantee the redistribution of wealth (a common practice of democrats) will force companies to hire more folks and increase salaries, but most likely will go to a select few. Maybe we should focus on everyone paying their fair share. Always remember, a good economy relies on spending and ultimately helps the quality of life for everyone. Money sitting in vaults or pockets of the top 1% will not help most folks, including most landlords. A tax law encouraging investment in equipment, research and education would have a more positive impact on the economy for everyone. I wouldn't be surprised if the current plan brings income down for the common folks and further increase wealth gaps in our country. --68.192.xxx.xx

Limiting 1031 to real estate is a underhanded tax increase. There are many folks who section 179 personal assets like business vehicles and trade them in who will now pay taxes on the gains. In Northern NJ, property taxes routinely exceed $ 10000 and here in PA, state and local combined can also top $ 10,000. Miscellaneous itemized deductions are gone, so no deduction for employee business expenses. All of these are tax increases targeted mainly on the middle class taxpayer. The middle class is the only demographic who has money to take and that's what they did. The poor will be hit with the entitlement cuts. There is some benefit for r/e passthroughs but depending on your situation, that could either be a wash or a net benefit. Corporate tax rate cuts will drive stock prices up, but that doesn't benefit the broad swath of the public. Gallup polls show about half of the public don't support. --207.172.xx.xxx

Gkarl I would agree with your take. Not good for the middle class. “Entitlements” will be next. Social security is also an entitlement regardless of popular belief. The wealthy don’t understand the importance of programs for many people. I don’t think this plan is good for the market as a whole. --68.192.xxx.xx

--73.102.xxx.xx

There's no question that the middle class are the bag holders here. Yes, entitlements are next. The elephant in the room is defense spending which has been increased and is considered sacrosanct. --207.172.xx.xxx

The SALT limit will hurt many people including LL. I looked at my return today and the SALT deduction is over $ 10,000. I'm also going to get impacted by the loss of the personal exemptions. The increase in the standard deduction, means I won't itemize any longer, but the net of it means less deductions while remaining in the same marginal tax bracket. Some of this may very well be offset by the deduction on pass throughs, but there are landmines there as one's AGI can suspend those deductions as well. Who benefits and who pays is really a case by case situation. --207.172.xx.xxx

I love my accountant. --50.32.xxx.xx

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Also notable: change of luxury auto limits, for those to which that applies. --155.201.xx.xx

John: I don't have a particularly expensive home, however, keep in mind that the SALT deduction includes both real estate taxes and state/local income taxes. Between the both, many folks will blow past the $ 10,000 threshold. --64.121.xxx.xxx

I can't imagine the surprise folks are going to have when I tell them they have to pay taxes on their trade-in. But again, the passthrough deduction may offset. --64.121.xxx.xxx

Here in NH we have no income or sale taxes to deduct. Nor do we have helmet laws, Seatbelt laws, concealed carry laws, etc etc etc.. I could go on and on. We have one of the highest income states. We have a 400 member citizen legislature that only get paid $100 a year for meeting just a few weeks on our 2 year budget. It is not rocket science. as our former governor said low taxes are a direct result of low spending ( a lightbulb moment for democrats). I use to work in NYC, SF and Boston to name some of the most expensive places to live in the USA - I hope every resident that gets hit by these new taxes finally realize they get nothing in return for their taxes except failed socialism. --24.34.xx.xxx

Has anyone seen if there is any deductions for disregarded entities or properties that are directly on your schedule E similar to the deduction for pass-through entities? --70.178.x.xx

Good question razorback. My accountant emailed me today saying there is still confusion over that but he's staying on top of it. It's nice that's he's a landlord too. --173.170.xxx.xxx

As i understand it, disregarded entities and straight schedule c and e are considered pass throughs --172.58.xxx.xx

I guess I am in a similar boat as Dan NY status in the profession. However when this thread started it was before the final bill. A few changes along the way. John MI and others had good summaries. Myself going to be hit on personal side basically by losing exemption, already at the level they are bumping up to for standard deduction. Since this is all new, your accountants will need to get up to speed. My quick reading of a summary of the passed bill seems to note that depreciation deductions for quick write off still intact and from memory WILL allow the component depreciation type items to be included. Schedule E deductions should remain, but folks on Schedule A seems that that many will lose deductions. I still need to digest some language in the pass thru entities, personal AMT changes and 1031 categories allowed ... --68.43.xx.xxx

I'm looking at you freeloading South Carolina... --24.45.xxx.xx

Details will follow. If I'm correct, AMT deductions will have little impact on the "normal" person since AMT impacts many deductions that the "normal folks" won't be taking, it may be a mute. The tax bill doesn't encourage home ownership so the markets in certain areas can see a change, like in NY and California on a personal level, new investors. --68.192.xxx.xx