These kinds of questions are impossible to answer with any precision as the effect on your income taxes depends entirely on your personal situation, something that nobody here understands since we are simply TurboTax users, like you.
The general answer is that a reduction of $8,000 of ordinary income will affect your taxes at whatever your marginal tax rate happens to be. So if it happens that your marginal tax rate is 29.67% then the $8,000 income reduction will save you $2,374. If you expect your taxable income will be more or less what it was last year, except for the $8,000 reduction, look at last year's income tax return, look up your taxable income, and then figure out what tax bracket you'll be in:
https://taxfoundation.org/2017-tax-brackets/
and you can get a rough estimate of the tax benefit.
Tom Young
