I thought owing nothing on your home,
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0patience
Everyone, Registered Users Posts: 3,767
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.
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.
Comments
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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 aside0patience: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. -
Thank God i have 28 years paying on my home then! lol
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We owe on our house and just bought it last year but because of it we're getting almost 6gs back.
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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).
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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)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).
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Watch your disposable income turn into disposable diapers.MorganGeo:
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)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).) -
Uhm..............NO!MorganGeo:
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)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).)
There is no way I will ever go through having kids again.
Still working on chasing the 2 I have away. -
Charitable donations maybe?
Aj -
Make an appointment with a good tax accountant?
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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.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.
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.raisindot:
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.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.
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. -
Yep. I no longer have interest to right off. So it puts me behind a bit. LOL!MorganGeo:
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.raisindot:
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.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.
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. -
Uncle Sugar. The Biggest Con.
In time, you'll still appreciate being "mortgage free". -
One more way government subsidizes banks.
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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.0patience:
Yep. I no longer have interest to right off. So it puts me behind a bit. LOL!MorganGeo:
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.raisindot:
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.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.
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.
