Comments on: Year End Income Tax Guide (Part 2) http://toughmoneylove.com/2008/12/12/year-end-income-tax-guide-part-2/ The Hard Truth about Money and Personal Finance Fri, 24 Feb 2012 15:57:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: philip http://toughmoneylove.com/2008/12/12/year-end-income-tax-guide-part-2/comment-page-1/#comment-1738 philip Mon, 15 Dec 2008 17:48:01 +0000 http://toughmoneylove.com/?p=484#comment-1738 "Deduction of Property Taxes without Itemizing. For those of you who own a home but do not itemize your deductions (maybe because of a paid-off mortgage - congrats!), now you can still deduct at least some of your property taxes on top of the standard deduction. The limits are $1000 for joint filers and $500 for single filers. (I love this one.)" Do you understand why a house that costs the same to everyone is run different limits if you are filing jointly or single? This does not make sense to me why I am not getting the same amount when for a house I have to pay as much on property taxes as anyone else. Some of the provisions made for joint filers really don't make sense to me. “Deduction of Property Taxes without Itemizing. For those of you who own a home but do not itemize your deductions (maybe because of a paid-off mortgage – congrats!), now you can still deduct at least some of your property taxes on top of the standard deduction. The limits are $1000 for joint filers and $500 for single filers. (I love this one.)”

Do you understand why a house that costs the same to everyone is run different limits if you are filing jointly or single? This does not make sense to me why I am not getting the same amount when for a house I have to pay as much on property taxes as anyone else.

Some of the provisions made for joint filers really don’t make sense to me.

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2008/12/12/year-end-income-tax-guide-part-2/comment-page-1/#comment-1729 Mr. ToughMoneyLove Mon, 15 Dec 2008 05:55:18 +0000 http://toughmoneylove.com/?p=484#comment-1729 My Journey: I was not aware of that. In my state, only certain dividends and capital gains are taxed so it would not apply here. But thanks for the heads-up. My Journey: I was not aware of that. In my state, only certain dividends and capital gains are taxed so it would not apply here. But thanks for the heads-up.

]]> By: My Journey http://toughmoneylove.com/2008/12/12/year-end-income-tax-guide-part-2/comment-page-1/#comment-1679 My Journey Fri, 12 Dec 2008 20:09:33 +0000 http://toughmoneylove.com/?p=484#comment-1679 TML, I don't think it applies to you (b/c you live in TN, which has no income tax), but there are state deductions associated with LTCi as well. They are highlighted on my site, if you want to take a look. TML,

I don’t think it applies to you (b/c you live in TN, which has no income tax), but there are state deductions associated with LTCi as well.

They are highlighted on my site, if you want to take a look.

]]>