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The breakpoint for interest deduction on a house is presently about $1M. They are going to reduce it to somewhere between $240K-$420K. Which means that if you paid more than whatever the cutoff is for your house, you will only be able to deduct a percentage of your interest. So all of the high cost CA property owners will get severly screwed, while we here in Tejas will be only moderately, if at all, screwed.
And since I pay less in total state and local taxes, the loss of that deduction is not as big.
Plenty of room here and the schools are good. We'll leave the light on for ya.
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James
The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994)
Red-beard for President, 2020
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