Quote:
Originally Posted by mav1178
no, but the point I was getting at is that the tax deduction cap actually ends up squeezing a lot of people in the middle.
my house was bought in 2005. it wasnt like I bought this when it was high, but the assessed value has more than doubled and with the cap it has made people like me unable to deduct a portion of this.
but if you want to just equate $10k in deductions as a symbol of "rich people.... owning million dollar mansions" then you clearly are in a bubble of your own and no amount of facts will change your mind.
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@ Corbic A million dollar house in certain area is just the normal like San Francisco Bay area. The houses aren't mansion, not even close.
MAV, there are some work arounds, say if you own a business. Consult your CPA. Total agree with re 10k CAP. I know tons of people paying so much tax due to "high salary" but we live in high cost of living area.