So the mortgage deductions for interest and property taxes is now gone? Does anyone know?

[brush]

And does it start for the 2017 taxes?

[shraby]

1. I don't think they even know.

[still_one]

2. First of all it still has to go through the house, so it is important to call your representatives

to voice your disapproval.

Is that verified that that have completely gotten rid of the Mortgage interest deduction and property tax deduction in the Senate bill?

I don't think anyone has actually had time to evaluate what is included in this bill.

[brush]

3. That's what I'm asking.

[still_one]

4. +++++++++++++++++. Just maybe we might be able to limit some of the damage the Senate version is

doing

[Egnever]

5. The bill that passed has mortgage deductions for the first 10k

Collins got an amendment in that put that in.

It has to finish passing and that would have to remain. Assuming it does it wont start till next year soonest.

[Cicada]

6. I think her amendment related to state and local taxes

10,000 cap for deduction for state and local taxes.

I don’t think the deduction for mortgage interest changed.

[progree]

7. No state and local income tax deductions in Senate bill. Property taxes up to $10,000

People would be allowed to deduct up to $10,000 in property taxes, a demand of Sen. Susan Collins of Maine. That matched a House provision

Deductions for state and local income taxes, moving expenses and other items would vanish,

Source: AP: https://www.yahoo.com/news/senate-gop-hustles-meet-tax-085039276.html

Nothing in that article about the mortgage deduction, darn

[mythology]

8. No. The House and the Senate passed two separate bills

Those bills now have to go to reconciliation.

[DeminPennswoods]

9. Yes, and all the goodies McConnell

had to give away to get his 51 votes have to stay in the final version or he risks losing Flake, Collins, etc. That may or may not be agreeable to the House Rs.

Who even knows if the final bill will be able to be voted on using Reconcilliation procedure since no one knows how the amendments will affect the debt. I think there's a 1.5T cap on how much the debt can grow.

[MiniMe]

10. Nobody knows, but I know my accountant told me to make sure I paid all the taxes I could in December

Because who knows if they will be deductible next year.

I think they put an amendment into the bill that will allow you to deduct up to $10k in property taxes, but not state and local taxes (SALT)