Ah ok. Thanks thumper and rvm. Even if things stayed the same, our itemization isn’t anywhere near 24k.
Yes…it’s a $10,000 limit on mortgage deductions.
No, you can either take the standard deduction (which will be $24k for a married couple) or you can itemize your deductions. If you itemize, you will be limited to $10k in SALT. You can also itemize your mortgage interest up to the first $500k of your mortgage. If you have a mortgage for 750k, you can only deduct the interest on the first $500k. You can also itemize all the other things that are allowed, but some of the things you can currently itemize are now being removed.
So you have $10k in SALT, how much do you have in other itemized deductions? Does it total to more than the standard $24k?
That is no different than it is now. You either take the standard deduction or you file schedule A and itemize your deductions. Which is higher?
Are charitable contributions still allowed as deductions?
And the AMT is still around in the Senate version? With what parameters?
Yes, I believe charitable contributions are allowed, but more proof is required (records, letters from the charity, appraisals) for totals over $250. Easy if you are writing a check to a church or the Red Cross, more difficult if you are taking a bag to goodwill every week.
AMT still there, but at a high income level (the current one doesn’t have an inflation factor, so people with pretty low incomes are included).
What about tax brackets and income ranges ?
Re Kansas
For context, it is important to realize that Kansas, even after all its mistakes, has a bond rating that is considerably better than the high tax states of New Jersey, and Illinois. Its bond rating is currently equal to that of California, which relies completely on its tech sector to bail out its overspending.
Very basic question that I could not find a clear answer on - is this for 2018 tax return or not until 2019 tax return?
The bills take effect starting January 1, 2018, so will be reflected on your return that you file in 2019 for the 2018 tax year.
Is there a head of household standard deduction? Thanks.
Is that dependent on it being signed by the end of the year? Does that change if it does not pass until January?
This was actually fixed a few years ago, they permanently indexed the AMT limits to inflation.
The Senate bill raises the exception amounts about 40%, the primary one from $79K to $109K or so. And one of the primary drivers of having to pay AMT is deducting high amounts of SALT, which are now limited. So many fewer people should get hit by AMT.
It could be made retroactive to Jan 1 even if it passes after that.
HoH standard deduction is raised to $18K or so.
“Property tax deduction stays as does state and local taxes.”
Nope. Only property taxes you pay on your home and only up to $10k. State taxes and other local taxes (city and/or county - like those of us in NY pay are not deductible even if your prop taxes are less than $10k.) If you are in a state like CT. you will not be able to deduct your state income tax or your personal property tax - even if your property tax is less than $10k.
Congress can always make tax changes retroactive if they so choose.
This mess is so punitive to blue states.
“Tax Bill Offers Last-Minute Breaks for Developers, Banks and Oil Industry”
I’m shocked! 
And now comes Part Two.
If there ever was an argument for a flat tax with no deductions this is it. That’s the only way to end class warfare and restore equal protection under the law.
It’ll never happen. Too many lobbyists depend on this tax code.