Quote:
Originally Posted by AlpineWhite_SJ
Talk to your CPA and if they let you do an allowance of 8, fire them. You left out a lot of details to get the proper input on this topic - what’s your budget for the house, what size loan (mortgage interest capped on loans at 750k), estimated state taxes, etc.
SALT deductions were severely curtailed for someone in typical CA situation with Trump tax cut so I would think twice about changing your withholding because you think you’re going to offset with property tax and mortgage interest deductions.
|
You're right, I did leave out some of the details. Modified my OP.
I know a lot of people at work that got burned by the Trump tax cuts. One bought a home in the middle of that tax year, they were disappointed come tax time.