All Forum Posts by: Zoey W.

Quote from @Randall Tannen:

Quote from @Zoey W.:

I hope I am misunderstanding this regarding new tax law in Calirado... sorry I meant Colorado....

"Effective January 1, 2023, single filers are limited to $12,000 and joint filers are limited to $16,000 of deductions. The current standard deduction in Colorado is $12,950 for singles and $25,950 for joint filers. As such, all individuals with incomes over $300,000 will be subject to deduction limitations.

So if a business or landlord has legitimate write offs for their rental properties (for example) Colorado will NOT allow more than 12k or 16k of legal and LEGITIMATE deductions just because that person earns 300k per year?

https://www.withum.com/resources/colorado-state-tax-updates/#:~:text=Effective%20January%201%2C%202023%2C%20single,be%20subject%20to%20deduction%20limitations.

That is INSANITY!!! 

It's a cap on itemized or standard state income tax deductions for those earning over $300k. It doesn't impact rental expenses.

Forgive me because I am still confused... so if someone has a business (such as an online ecommerce business, not rental properties) and they earn 300k from their online ecom business they CANNOT deduct more than 12k in itemized expenses? That is INSANE. Is it mostly Colorado doing this? 

I hope I am misunderstanding this regarding new tax law in Calirado... sorry I meant Colorado....

"Effective January 1, 2023, single filers are limited to $12,000 and joint filers are limited to $16,000 of deductions. The current standard deduction in Colorado is $12,950 for singles and $25,950 for joint filers. As such, all individuals with incomes over $300,000 will be subject to deduction limitations.

So if a business or landlord has legitimate write offs for their rental properties (for example) Colorado will NOT allow more than 12k or 16k of legal and LEGITIMATE deductions just because that person earns 300k per year?

https://www.withum.com/resources/colorado-state-tax-updates/#:~:text=Effective%20January%201%2C%202023%2C%20single,be%20subject%20to%20deduction%20limitations.

That is INSANITY!!! 

I was thinking of moving to Idaho (off grid) but I am confused about something. Right now I live in Arizona and Arizona has an “Assessment limit” protection along with “Rate Limit” and “Levy limit”.

Meaning I am PROTECTED from having my property tax SKY ROCKET because it appears it is capped at 3% in Arizona? So it can NEVER be raised more than 3% each year for primary residence.

Unfortunately I see Idaho does NOT have “Assessment limit” protection. This is a HUGE concern for me because I don’t want to end up having property tax sky rocket like it has for many people in the past recent years. Many people end up losing their home in such situation. It is AWFUL. People retire and then lose their home because they are taxed out of it. HORRIBLE.

I fear this means if someone has residential home in Idaho that their property tax can SKY ROCKET from let’s say $3,000/year to TRIPLE that amount in short time period (like it has for millions of people!). Am I correct with this thinking considering that Idaho does NOT have “Assessment limit” protection? Idaho has “Rate Limit” and “Levy limit”…. But NO “Assessment limit” protection….

You can see here a list of ALL states and whether they have this cap protection or not…

https://www.kiplinger.com/taxes/property-tax-cap-by-state#:~....

if I understood this thread correctly, if you do NOT have homestead exemption on a house (for example on rental property you own in FL and in AZ)... then property taxes can increase with NO limit each year? It is NOT capped to be able to be increased by only, lets say, 5% each year for example?

If this is the case it is CRIMINAL!!!!

that wont be problem for me  I would not be selling this property amongst other things I would NOT be doing. more I could add to this but wont so that I'm not attacked. I will leave it at that.

I live in AZ and googled "Do property taxes go up every year in Arizona?"... the answer google gave was:

"Arizona is the No. 3 state predicted to have the greatest property tax increase in five years, or by 2027. With average annual property taxes jumping from $1,956 next year to $4,785 in five years, residents can expect to see an increase upwards of $4,785."

This makes NO sense to me as I thought property taxes CANNOT be increased by more than about 2% each year IF you are holding onto the property long-term either as primary residence or as a rental. My property taxes right now are $1,600/year and I bought my house for 590k last year. I certainly hope it will NOT increase property taxes by more than 2% or 5% each year??? How on earth can property tax jump from "$1,956 next year to $4,785" as google states. That is CRIMINAL.

I assume the above does NOT apply unless you are buying new house which could drastically increase property tax rate.... and what if you renovated your house that you bought a few years ago and it is now appraised for higher price... what then? I hope that property tax still CANNOT be increased y more than 2% each year if you are holding onto the property??? I am going to be renting this house out next year.

Thanks.

I really need to pay attention to what I'm reading... cannot believe I didn't notice "UK". Oops. But I hope that section 24 doesn't end up in the US as well eventually.

Quote from @Robert Dalton:

Not sure where you live, but that video and that code is not for the US. 

Ah whoops I see it is in the UK. But what is in place in other countries often end up in the US so it's of no comfort to know that video is based in the UK. Things are not better in the US to say the least it just gets worse and worse.

Landlords: They Are About to Change EVERYTHING!

BREAKING: War Was Just Declard On Landlords!

Quote from @Mohammed Rahman:

@Zoey W. - can you share the source of the information you're getting this from? 

Landlords are taxed on net, and your whole mortgage payment isn't deductible, but the portion of that that's interest is. 

This is where I heard terrifying news about "section 24" as described in below timestamped video. It appears this section 24 rubbish is already in effect? This is CRIMINAL. Absolutely disgusting if this is already in effect and/or going to be in effect? Meaning that landlords are being taxed on GROSS revenue and NOT net profit. That is insanity!! I am referring to the below info....

Why landlords are screwed in 2023 with section 24