I thought owing nothing on your home,

0patience

Was supposed to be a great thing.
But evidently, Uncle Sam doesn't feel the same way, so since there are no more interest deductions, it really screws you.
It really didn't occur to me how much a difference it makes on taxes.
Grumble grumble. Blasted govt.

kaspera79

0patience:

Was supposed to be a great thing.
But evidently, Uncle Sam doesn't feel the same way, so since there are no more interest deductions, it really screws you.
It really didn't occur to me how much a difference it makes on taxes.
Grumble grumble. Blasted govt.

Not having all the information at hand, But I probably pay about Nine thousand dollars a year in mortgage interest.. That Nine thousand dollars in income is probably taxable at about three grand. Have your employer take additional withholdings if you think you will not be able to set that money aside

LiquidChaos66

Thank God i have 28 years paying on my home then! lol

Puff_Dougie

phobicsquirrel

We owe on our house and just bought it last year but because of it we're getting almost 6gs back.

pross

It is a great thing.

A dollar tax deduction can never equal a dollar saved. Even if you are in the 40% tax bracket, for every dollar you give the bank in interest, the government gives you 40 cents back. I will be more than happy to help you out. Send me as many dollars as you want (interest) and I will send you 40 cents for each one received (deduction).

MorganGeo

pross:

It is a great thing.

A dollar tax deduction can never equal a dollar saved. Even if you are in the 40% tax bracket, for every dollar you give the bank in interest, the government gives you 40 cents back. I will be more than happy to help you out. Send me as many dollars as you want (interest) and I will send you 40 cents for each one received (deduction).

I agree with Pross entirely. If you need some more tax deductions go have some babies. LOL (Although that will eat up A LOT of your disposable income) )

WaltBasil

MorganGeo:

pross:

It is a great thing.

A dollar tax deduction can never equal a dollar saved. Even if you are in the 40% tax bracket, for every dollar you give the bank in interest, the government gives you 40 cents back. I will be more than happy to help you out. Send me as many dollars as you want (interest) and I will send you 40 cents for each one received (deduction).

I agree with Pross entirely. If you need some more tax deductions go have some babies. LOL (Although that will eat up A LOT of your disposable income) )

Watch your disposable income turn into disposable diapers.

0patience

MorganGeo:

pross:

It is a great thing.

A dollar tax deduction can never equal a dollar saved. Even if you are in the 40% tax bracket, for every dollar you give the bank in interest, the government gives you 40 cents back. I will be more than happy to help you out. Send me as many dollars as you want (interest) and I will send you 40 cents for each one received (deduction).

I agree with Pross entirely. If you need some more tax deductions go have some babies. LOL (Although that will eat up A LOT of your disposable income) )

Uhm..............NO!
There is no way I will ever go through having kids again.
Still working on chasing the 2 I have away.

dr_frankenstein56

Charitable donations maybe?

Aj

PAtoNH

Make an appointment with a good tax accountant?

raisindot

0patience:

Was supposed to be a great thing.
But evidently, Uncle Sam doesn't feel the same way, so since there are no more interest deductions, it really screws you.
It really didn't occur to me how much a difference it makes on taxes.
Grumble grumble. Blasted govt.

Not true. The mortgage tax deduction has not been ended. What's expired is a different act that provided tax breaks for homeowners facing foreclosures.

While I don't favor repeat of this tax break in general, I would be fine if there were income exclusions (i.e., the benefit would decrease for incomes over a certain amount) or if it were only valid for primary (not second or vacation or rental) homes.

MorganGeo

raisindot:

0patience:

Was supposed to be a great thing.
But evidently, Uncle Sam doesn't feel the same way, so since there are no more interest deductions, it really screws you.
It really didn't occur to me how much a difference it makes on taxes.
Grumble grumble. Blasted govt.

Not true. The mortgage tax deduction has not been ended. What's expired is a different act that provided tax breaks for homeowners facing foreclosures.

While I don't favor repeat of this tax break in general, I would be fine if there were income exclusions (i.e., the benefit would decrease for incomes over a certain amount) or if it were only valid for primary (not second or vacation or rental) homes.

i don't think 0patience was saying the tax break is gone. He was just saying since he owes nothing anymore he will not be paying anymore.

0patience

MorganGeo:

raisindot:

0patience:

Was supposed to be a great thing.
But evidently, Uncle Sam doesn't feel the same way, so since there are no more interest deductions, it really screws you.
It really didn't occur to me how much a difference it makes on taxes.
Grumble grumble. Blasted govt.

Not true. The mortgage tax deduction has not been ended. What's expired is a different act that provided tax breaks for homeowners facing foreclosures.

While I don't favor repeat of this tax break in general, I would be fine if there were income exclusions (i.e., the benefit would decrease for incomes over a certain amount) or if it were only valid for primary (not second or vacation or rental) homes.

i don't think 0patience was saying the tax break is gone. He was just saying since he owes nothing anymore he will not be paying anymore.

Yep. I no longer have interest to right off. So it puts me behind a bit. LOL!

Amos Umwhat

Uncle Sugar. The Biggest Con.

In time, you'll still appreciate being "mortgage free".

webmost

One more way government subsidizes banks.

raisindot

0patience:

MorganGeo:

raisindot:

0patience:

Was supposed to be a great thing.
But evidently, Uncle Sam doesn't feel the same way, so since there are no more interest deductions, it really screws you.
It really didn't occur to me how much a difference it makes on taxes.
Grumble grumble. Blasted govt.

Not true. The mortgage tax deduction has not been ended. What's expired is a different act that provided tax breaks for homeowners facing foreclosures.

While I don't favor repeat of this tax break in general, I would be fine if there were income exclusions (i.e., the benefit would decrease for incomes over a certain amount) or if it were only valid for primary (not second or vacation or rental) homes.

i don't think 0patience was saying the tax break is gone. He was just saying since he owes nothing anymore he will not be paying anymore.

Yep. I no longer have interest to right off. So it puts me behind a bit. LOL!

Oh! Okay! Tell you what--I'll trade not having to pay $900 a month in mortgage payments with full title to my house in exchange for giving up my mortgage tax deductions.