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Treasury Finishes Rules Ending Blue-State Tax-Cap Workarounds

Home Tax Reduction Treasury Finishes Rules Ending Blue-State Tax-Cap Workarounds

  • Avatar southernerdoc 
    Participant
    Status: Physician
    Posts: 41
    Joined: 03/10/2019
    medical school scholarship sponsor

    Cross-posted on Bogleheads:

     

    https://www.wsj.com/articles/treasury-f … 1560284101

    Unfortunately that requires a subscription, but in essence: Treasury ends the tax deduction workaround for using tax credits to donate to private schools, hospitals, etc.

    I used Georgia’s GOAL program to donate $2,500 to my daughter’s private elementary school. At least my state taxes won’t be affected, but I can’t take the $2,500 as a charitable contribution now.

    #221202 Reply
    Avatar Gamma Knives 
    Participant
    Status: Physician
    Posts: 140
    Joined: 06/25/2017

    Non-paywall story (the hill) Can’t say I’m too surprised.

    #221240 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2253
    Joined: 01/03/2017

    I’m fine with this.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #221244 Reply
    Liked by ENT Doc, G

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