Disappointed
Recycles dryer sheets
- Joined
- Sep 16, 2007
- Messages
- 464
Do you try to stay below the threshold? Those that are in the high state income tax and high property tax, what are your strategies?
Mp
Mp
................ It looks like state income tax, property tax, and mortgage interest lose their value to reduce Federal income tax when AMT applies. ......................
Mp
Do you try to stay below the threshold? Those that are in the high state income tax and high property tax, what are your strategies?
Mp
Kaneohe, I think you are right, mortgage interest that you used to acquire or substantially improve the property can be deducted. I read too many articles and was a bit confused. AMTadvisor is an excellent site for this topic. I looked at form 6251 but have not tried to fill it out yet.
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Do you think that you will still be itemizing expenses (ie Schedule A) when you are retired?
After I stopped working, we now take the Standard Deduction every year (although I still pay charitable contributions, property taxes, a small bit of mortgage interest, and DW's significant state income tax every year)
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-gauss