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In Reply to: All a part of reducing taxes posted by Dynobot on January 13, 2021 at 12:55:42:
If anything, we all get to deduct interest whether or not we pay it. Itemized deductions from Schedule A were replaced by the standard deduction as a way to reduce paperwork.
There was no standard deduction before the 1986 tax reform took effect. Personal deductions but no standard deduction.
First year under 1986 reform, my ex-wife and I, our standard deduction was more than we could have itemized on Schedule A.
The blissful counterstroke-a considerable new message.
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Follow Ups
- Not true. - ghost of olddude55 14:17:52 01/13/21 (8)
- Agree - E-Stat 15:13:40 01/13/21 (7)
- Made the form simpler, too. - ghost of olddude55 15:59:19 01/13/21 (6)
- RE: Made the form simpler, too. - E-Stat 16:35:25 01/13/21 (5)
- Like the Monkees sang, that was then, this is now. - ghost of olddude55 17:20:47 01/13/21 (4)
- RE: Like the Monkees sang, that was then, this is now. - E-Stat 17:26:44 01/13/21 (3)
- Just that one time. - ghost of olddude55 04:05:12 01/14/21 (2)
- RE: Just that one time. - E-Stat 05:44:57 01/14/21 (1)
- You couldn't do it in 2002 unless you bought the software. - ghost of olddude55 06:13:45 01/14/21 (0)