I was assuming (I don’t know why.. have no basis here) that the homeowners across CA 56 from Carmel Valley to Carmel Mtn. had itemized deduction that were between $12k and $30k and this might affect them or future homeowners. If they itemize to more than $30K this would not affect them at all.
[quote=harvey]It would depend on what other deductions are eliminated or reduced: mortgage interest, property taxes, state taxes?
If the plan was simply to raise standard deduction and eliminate mortgage deduction, I don’t think your specific numbers wouldn’t impact most SD homeowners enough to influence prices.
If other itemized deductions are eliminated as well, that would mean raising taxes on much of the upper middle-class and effectively eliminating federal taxes for most of the lower middle class…remember the disdain for the the 47% that “don’t pay any taxes”? It will never get through congress.
The “simplify taxes” agenda is just another part of the schtick that will accomplish nothing. The basic 1040 stuff like W2 income and typical the deductions I listed above aren’t what makes taxes complicated. Taxes become complicated when one has business income. And that will not change.
So enjoy the show, but don’t let concerns about the possible outcomes influence your real estate investment decisions. It’s all just theatre.[/quote]
