We're a long way from any decisions being made [-]on this[/-].
No problem. But then the rent you pay yourself becomes income. A wash.But, if a landlord gets a tax break, then I should get one too. After all, I bought a house, and I'm renting it to myself.
But, if a landlord gets a tax break, then I should get one too. After all, I bought a house, and I'm renting it to myself. :coolsmiley
No problem. But then the rent you pay yourself becomes income. A wash.
I am holding my breath awaiting substantial changes in our Fed tax code...
***preserve a handful of major deductions (medical expenses***
Medical is already gutted - only deductible to the extent that it is over 7.5% of AGI. So if you make, say. $50,000 the FIRST $3,500 in medical is NOT deductible. Gone. Zip.
And that 7.5% is going to rise to 10% soon (2013 or 2014, not sure), making it even more difficult to deduct health insurance premiums if you are in the individual market. Those in group plans get to use pretax dollars to pay their part even if they do not itemize. So why can't those of us not in group plans get to do this, too?