02-08-2019, 08:54 PM
(02-08-2019, 06:50 PM)ChadR Wrote: Fenders,
With your rental property being profitable, you can get up to a 20% deduction on the profit.
Thanks Chad. That is great news. I did a little digging and saw the big increase in the standard deduction. That pleases me as it helps some of the people I see in real life at my retirement job. The folks I mentioned earlier in the thread. Folks willing to work pretty hard for a lowish wage rather than stay home and look for a handout. Sure they would be in a better position now if they had a better education, or funded their own retirement like I did, so they aren't in a jam at age at age 70. But it is what it is and it pleases me when we provide an incentive to make your own way in this world. I didn't like the trend under the last presidency. Saw too many able bodied people mooching. I don't want to see an over-reaction from the current guy. I think we are on a bad course when we encourage people to stay home because they can't afford child care costs without a big assist at tax time. I hope things like that stay in the tax law even though I don't benefit a dime from it.
I need to get educated on taxes before I start drawing from my 401K and multiple pensions in three years. I have no idea if my rental property and such with still make sense.