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On this new tax bill, if you pay real estate taxes and are…

On this new tax bill...
On this new tax bill, if you pay real estate taxes and are limited to deducting 10K would you still get that deduction AND the 24K standard deduction since all other itemized deductions (except mortgage interest) are gone???
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Answered in 1 minute by:
12/26/2017
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,038
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'm PDtax, and can assist. Thanks for asking for me.

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No, you don't get both. You can still itemize or claim the standard deduction, whichever is better, for 2018.

The changes in itemized deductions limit SALT taxes, and mortgage interest, but things like medical are still allowed and are in fact increased under TCJA.

The authors' intent was to reduce the number of itemized deductions filers, but the worst impact is in high SALT tax states like NJ, NY and others.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

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Customer reply replied 5 months ago
Thanks PD: one Q:
Several months ago I asked you a Q about a real estate holding company ((small) switching to S and though your response was lengthy you lost me almost from the beginning. I rated it 5 star anyway but had paid $52.00 to talk to you about it and never heard back. Can we still talk?

sure can. I may need to post a new phone call offer to do it, but I'll set the cost at $20. OK?

PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,038
Experience: 35 years tax experience, including four years at a Big 4 firm.
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PDtax
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