Too good to be true offer!

[Teacher Terry]

Our first mortgage in 1979 was 12%. When I was evaluating job offers 25 years ago I knew I was going to divorce husband number 2 so COL was very important to me. I didn’t apply for jobs in California. Reno was the most expensive but very affordable then. Because of the tech companies moving here, being able to work from home and all the Californians retiring here our COL has skyrocketed. I couldn’t afford to rent here.

[LDAHL]

Yes, but with the tax simplification carried out during the Trump administration, That amount has to be pretty high because the standard deduction was raised to be very high. But I suppose in place like .california, it is not hard to reach that level paid out in mortgage interest.

The idea of that gives me the creeps. But to each his own.

I think the SALT deduction is limited to $12,950 for this year. That must sting a little in the high tax areas.

The standard deduction is around $25,900 for a couple this year, but we are paying some massive medical bills so I plan on itemizing for the first time since they changed the rules.

[jp1]

I think the SALT deduction is limited to $12,950 for this year. That must sting a little in the high tax areas.

The standard deduction is around $25,900 for a couple this year, but we are paying some massive medical bills so I plan on itemizing for the first time since they changed the rules.

SO and I file separately. I figured out this year that it makes more sense for one of us to take all the house deductions rather than splitting them and both taking half. (we both make about the same income) I took them all this year and SO will take them all next year. Itemizing saved me about $2,000 this year. Next year it will save him roughly the same amount.

[LDAHL]

You need to be a little careful with your records when you allocate deductions like that. I’ve heard of auditors asking to see if payments came from accounts wholly owned by one spouse.

[Tybee]

Wow, that is surprising and not in a good way.