Taxes?
Anyone done there 2018 taxes and found out anything different about RV deductions under the new tax bill? I'm assuming that we will meet the minimum deductions to itemize. Having purchased our 5er t...
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Just did my taxes {Turbo Tax} and got the rude surprise that awaits most folks who have yet to do so...
We always take the standard deduction which has been nearly doubled to $24,000. Our income and estimated tax payments were virtually the same as last year. I was expecting a nice refund given the increase in the standard deduction but... Our taxes went up!
Turbo Tax always takes me through a hundred questions in a search to see if we should itemize {we never do} and the standard deduction is always our best path. In completing these question TT showed that for the first time the interest on our RV loan is no longer deductible, it always had been in the past.
So with a taxable income of $42,000 and the new standard deduction of $24,000 we paid more then ever before. Looks like they nearly doubled my taxes... Arrrrg!
:M
We always take the standard deduction which has been nearly doubled to $24,000. Our income and estimated tax payments were virtually the same as last year. I was expecting a nice refund given the increase in the standard deduction but... Our taxes went up!
Turbo Tax always takes me through a hundred questions in a search to see if we should itemize {we never do} and the standard deduction is always our best path. In completing these question TT showed that for the first time the interest on our RV loan is no longer deductible, it always had been in the past.
So with a taxable income of $42,000 and the new standard deduction of $24,000 we paid more then ever before. Looks like they nearly doubled my taxes... Arrrrg!
:M
