The conversation explores key tax topics, including below-the-line deductions, charitable contributions, mortgage insurance deductions, gambling taxes, and the taxation of Social Security benefits. It also discusses potential changes to Affordable Care Act subsidies and highlights the importance of proactive tax planning to navigate these complexities.

Takeaways

• The state and local tax deduction has seen significant changes.


• Charitable contributions now have a new floor for deductions.


• Mortgage insurance premiums are deductible under certain conditions.


• Gambling winnings are taxed differently than before.


• Social Security benefits remain taxable under existing rules.


• The Affordable Care Act subsidies may change significantly in 2026.


• Tax planning is crucial to avoid unexpected liabilities.


• Itemized deductions can be complex and require careful calculation.


• Understanding AGI is essential for tax deductions.


• Changes in tax laws can impact charitable giving behavior.

Chapters

00:00 State and Local Tax Deductions: Changes and Challenges

03:59 Roth Conversions and Tax Brackets

05:45 Below-the-Line Deductions and Itemization

06:42 Charitable Donations and Tax Changes

12:21 Mortgage Insurance Premiums and Deductions

15:20 Gambling Losses and Tax Implications

25:40 Social Security Benefits and Taxation

30:59 Affordable Care Act Subsidies and Changes

Links

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