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Friday, January 12, 2018

Comments

Thanks for the validation. I, too, read that they will eliminate the personal exemption, thereby, doubling the standard deduction is not as great as it sounds. Everyone I told this to said aren't they the same thing, and didn't get it.

Thanks for the explanation on the second mortgage interest. You always make things so clear and I do appreciate that.

Thanks for taking your time to provide this information. I have been researching a bit myself without much understanding.

As always, thanks for the info!!

Thanks Howard. I appreciate your researching the issue and weighing in. I can always trust your information which is much appreciated.

Thanks for the info. Did not know that about doing away with the personal exemptions.

Howard, your professional insight is helpful. For very small, i.e. personal businesses such as many RVers operate, the $100,000 pass through should be a big deal to their advantage as we understand the law. Let us also remember that for many of us our tax rate will also go down for now. That is the percentages will be decreased. However, for those that purchase an RV / truck, etc. in some states the total sales / state tax deduction limit of $10,000 could be exceeded if one also owns a home that is highly taxed. One's state of residence is very important for all things RV.

I will posit most of us will have smaller overall tax bills. We'll see. Naturally, YMMV.

We agree about the tax software. We've found over the years its effectively just as good, sometimes better and much less expensive, as most, not all, "professional" tax preparers. As always, "It depends."

None of the above is political. Its just math.

Bill

Thanks Howard. I really appreciate the way you drill down into subjects that may affect us RVers, and you have the admirable ability of making these subjects understandable.

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