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Old 10-03-2017, 03:25 PM
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Question 2017 Tax Reform and Real Estate Tax Deduction

I live in NJ.

I live in a small modest house in an average community.
Nothing special.

My real estate taxes are $6,000 annually.
(Btw, the lowest/highest taxes are $3,921/$11,247.)

I cannot choose whether or not to pay the tax.
In NJ, if you live somewhere, SOMEONE paid a tax for your domicile.

The tax reform plan eliminates the deduction of real estate taxes.

Question: Is it reasonable to be taxed twice on the same money?
Once to have a roof overhead and again for federal taxes?



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Old 10-04-2017, 07:38 AM
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The tax reform plan eliminates the deduction of real estate taxes.=====>correct; The tax reform plan would hit New Jerseyans hard, forcing them to give up rare benefits they received for living in a high-tax state.this does not mean you are taxed twice on the same money, but you can not decrease your taxable income on your NJ return.

Question: Is it reasonable to be taxed twice on the same money?=========>>As you can see it is unreasonable to be taxed twice;but the fact that The tax reform plan eliminates the deduction of real estate taxes does not mean that you are taxed twice. Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. The difference between deductions, exemptions and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax. In reality , Many taxpayers still can not claim r/e taxes on their federal returns UNLESS they itemize deductions on SCh A of 1040.however you can claim your r/e taxes on your federal return aslongas you itemize your deduction on your Sch A of 1040 ob your return.



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Old 10-06-2017, 02:42 PM
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Quote:
Originally Posted by Wnhough View Post
Question: Is it reasonable to be taxed twice on the same money?=========>>As you can see it is unreasonable to be taxed twice; but the fact that The tax reform plan eliminates the deduction of real estate taxes does not mean that you are taxed twice.
Your statement is correct.

My point:
If I spend $100 on a car, can I spend that same $100 on a boat?

When I pay r/e *tax*, that money is gone.
I can't spend it on house improvements, car payment, or buying you a beer.
It is gone gone gone.

How is it that the money that I paid for r/e tax is still subject to other taxes?

Just saying.



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Old 10-07-2017, 07:15 AM
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Quote:
Originally Posted by NJTaxPayer View Post
Your statement is correct.

My point:
If I spend $100 on a car, can I spend that same $100 on a boat?

When I pay r/e *tax*, that money is gone.
I can't spend it on house improvements, car payment, or buying you a beer.
It is gone gone gone.

How is it that the money that I paid for r/e tax is still subject to other taxes?

Just saying.
If I spend $100 on a car, can I spend that same $100 on a boat?==>>No

When I pay r/e *tax*, that money is gone.
I can't spend it on house improvements, car payment, or buying you a beer.
It is gone gone gone.===>Correct however tax aw/rule is tax law./rule this is the bottom line.

How is it that the money that I paid for r/e tax is still subject to other taxes====>not subject to other taxes but you, due to the tax rule change, can not claim the r/e taxes that you pay on your state return but you may claim it on your 1040aslongas you itemize your deductions on Sch A of 1040



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