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Getting rid of the mortgage deduction will never happen. It’s too popular across the board.
This is just one of many reports that are put out about “solutions” to the deficit and will end up on a shelf collecting dust with all the rest of them.
It spent way too much of it’s energy on stuff like social security and discretionary spending which aren’t even the problem. The issue that will be a problem is medicare and medicaid and that report was so vague on those issues it’s not even worth taking it seriously.
i absolutely considered the tax deduction when making my purchase. with it i could afford x. so i bought x. it was a smarter investment than buying a smaller place, and had room to raise a family. most likely, the tax deduction had figured into the pricing of homes, too.
Just so you all know, Kensington Lite has no relation to me or my goat :o). I have to lay low for a while since Nonko exposed my house on yesterday’s morning links :o(.
ishtar, because “what I earn” is my after-tax income.
I’m not saying I’d make a buy vs rent decision solely on taxes, but it is a consideration when I pencil it out. Of course I’d be figuring property taxes–which I don’t pay now as a renter–in there as an expense of buying.
Getting rid of the mortgage deduction will never happen. It’s too popular across the board.
This is just one of many reports that are put out about “solutions” to the deficit and will end up on a shelf collecting dust with all the rest of them.
It spent way too much of it’s energy on stuff like social security and discretionary spending which aren’t even the problem. The issue that will be a problem is medicare and medicaid and that report was so vague on those issues it’s not even worth taking it seriously.
kids should pay for their own college or take out loans or do well in school and get grants and scholarships.
im a firm beliver that the umbilical cord should be cut at 18.
*rob*
OK I sent an e-mail to the assistant principal asking about ways to contribute. Will let you know if I hear back (imagine she’s busy!).
if you cant save for the following, you cant afford to buy a place yet:
– rainy day fund
– retiremt fund
– if kids, college fund
i absolutely considered the tax deduction when making my purchase. with it i could afford x. so i bought x. it was a smarter investment than buying a smaller place, and had room to raise a family. most likely, the tax deduction had figured into the pricing of homes, too.
Just so you all know, Kensington Lite has no relation to me or my goat :o). I have to lay low for a while since Nonko exposed my house on yesterday’s morning links :o(.
m4l, I think it’s because I grew up around Asians. LOL
I’ve said before, funny thing about mortgage interest tax deduction is it is worthless when you are in AMT land or if you lose your job.
Best to consider it only as a tipping point in the rent/buy discussion, especially when it is likely to be phased out at some point anyway.
You can just buy a multi-family, set up an LLC and rent one of the units to yourself. Then you can deduct the interest.
ishtar, because “what I earn” is my after-tax income.
I’m not saying I’d make a buy vs rent decision solely on taxes, but it is a consideration when I pencil it out. Of course I’d be figuring property taxes–which I don’t pay now as a renter–in there as an expense of buying.