I thought owing nothing on your home,

0patience
0patience Posts: 10,665 ✭✭✭✭✭
in Non Cigar Related
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.
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

  • kaspera79
    kaspera79 Posts: 7,250 ✭✭✭
    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
    LiquidChaos66 Posts: 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_Dougie
    Puff_Dougie Posts: 4,599 ✭✭✭✭✭
    "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
  • phobicsquirrel
    phobicsquirrel Posts: 7,343 ✭✭✭
    We owe on our house and just bought it last year but because of it we're getting almost 6gs back.
  • pross
    pross 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).

  • MorganGeo
    MorganGeo Posts: 2,230 ✭✭✭✭✭
    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
    WaltBasil 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.
  • 0patience
    0patience Posts: 10,665 ✭✭✭✭✭
    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.
    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_frankenstein56
    dr_frankenstein56 Posts: 1,612 ✭✭✭
    Charitable donations maybe?

    Aj
  • PAtoNH
    PAtoNH Posts: 429 ✭
    Make an appointment with a good tax accountant?
  • raisindot
    raisindot Posts: 1,294 ✭✭✭
    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
    MorganGeo Posts: 2,230 ✭✭✭✭✭
    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
    0patience Posts: 10,665 ✭✭✭✭✭
    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!
    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_Umwhat
    Amos_Umwhat Posts: 10,021 ✭✭✭✭✭
    Uncle Sugar. The Biggest Con.

    In time, you'll still appreciate being "mortgage free".
    "If you do not read the newspapers you're uninformed.  If you do read the newspapers, you're misinformed." --  Mark Twain
  • webmost
    webmost Posts: 7,713 ✭✭✭✭✭
    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)
  • raisindot
    raisindot Posts: 1,294 ✭✭✭
    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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