Say you have 30,000 in combined state/local/property tax, 10,000 in mortgage interest deduction, and 4,000 in charitable contributions each year, for two years in a row.
Under 2017 law: 44,000 in deductions (way more than the 13K standard deduction) each year, easy.
Under 2018 law: 10,000 cap on state/local/property, plus 10,000 mortgage, plus 4,000 charity = 24,000 deductions each year, same as standard deduction.
Alternate under 2018 law: give 0 to charity in first year (and take 24,000 in standard deduction), and give 8,000 to charity in second year (and take 28,000 itemized deductions).
Am I seeing this right, did I miss anything?
Added (1). Greg: the biggest chunk of that is property tax, which pays for good schools. Much cheaper than private schools!
Read more: https://allmortgage.net/forum/new-tax-law-2018-give-to-charity-every-other-year.html
