I thought owing nothing on your home,

0patience · January 2014

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 · January 2014

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 · January 2014

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

Puff_Dougie · January 2014

phobicsquirrel · January 2014

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

pross · January 2014

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 · January 2014

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 · January 2014

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 · January 2014

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 · January 2014

Charitable donations maybe?

Aj

PAtoNH · January 2014

Make an appointment with a good tax accountant?

raisindot · January 2014

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 · January 2014

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 · January 2014

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 · January 2014

Uncle Sugar. The Biggest Con.

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

webmost · January 2014

One more way government subsidizes banks.

raisindot · January 2014

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.

I thought owing nothing on your home,

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