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I thought owing nothing on your home,

0patience0patience Oregon CoastPosts: 9,256 ✭✭✭✭✭
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.
There is no crisis that a good cigar can't cure.
In Fumo Pax
Money can't buy happiness, but it can buy cigars and that's close enough.

Wylaff said:
Atmospheric pressure and crap.

Comments

  • kaspera79kaspera79 Posts: 7,259 ✭✭✭
    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
  • LiquidChaos66LiquidChaos66 OregonPosts: 3,767 ✭✭✭✭
    Thank God i have 28 years paying on my home then! lol
    Life is like a blind fiver. You never know what you're gonna get.
  • Puff_DougiePuff_Dougie Mr. Rogers NeighborhoodPosts: 4,601 ✭✭✭✭✭
    "When I have found intense pain relieved, a weary brain soothed, and calm, refreshing sleep obtained by a cigar, I have felt grateful to God, and have blessed His name." - Charles Haddon Spurgeon
  • phobicsquirrelphobicsquirrel Posts: 7,349
    We owe on our house and just bought it last year but because of it we're getting almost 6gs back.
  • prosspross Posts: 874 ✭✭✭
    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).

  • MorganGeoMorganGeo Brandon, MSPosts: 2,215 ✭✭✭✭✭
    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) :))
  • WaltBasilWaltBasil El Paso, TX Posts: 1,757 ✭✭✭
    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.
  • 0patience0patience Oregon CoastPosts: 9,256 ✭✭✭✭✭
    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.
    There is no crisis that a good cigar can't cure.
    In Fumo Pax
    Money can't buy happiness, but it can buy cigars and that's close enough.

    Wylaff said:
    Atmospheric pressure and crap.
  • dr_frankenstein56dr_frankenstein56 Posts: 1,613 ✭✭✭
    Charitable donations maybe?

    Aj
  • PAtoNHPAtoNH Posts: 430
    Make an appointment with a good tax accountant?
  • raisindotraisindot BostonPosts: 1,308 ✭✭✭
    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.
  • MorganGeoMorganGeo Brandon, MSPosts: 2,215 ✭✭✭✭✭
    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.
  • 0patience0patience Oregon CoastPosts: 9,256 ✭✭✭✭✭
    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!
    There is no crisis that a good cigar can't cure.
    In Fumo Pax
    Money can't buy happiness, but it can buy cigars and that's close enough.

    Wylaff said:
    Atmospheric pressure and crap.
  • Amos_UmwhatAmos_Umwhat West TNPosts: 5,181 ✭✭✭✭✭
    Uncle Sugar. The Biggest Con.

    In time, you'll still appreciate being "mortgage free".
    WARNING:  The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme.  Proceed at your own risk.  

    "There is nothing so in need of reforming as someone else's bad habits."   Mark Twain
  • webmostwebmost Dull-AwarePosts: 6,086 ✭✭✭✭✭
    One more way government subsidizes banks.
    “It has been a source of great pain to me to have met with so many among [my] opponents who had not the liberality to distinguish between political and social opposition; who transferred at once to the person, the hatred they bore to his political opinions.” —Thomas Jefferson (1808)


  • raisindotraisindot BostonPosts: 1,308 ✭✭✭
    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. :)
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