Co-op of the Day: 195 Garfield Place, #3M
This new studio listing at 195 Garfield Place in Park Slope. While it is a studio and therefore lacks a separate bedroom, it does appear like the orientation of the kitchen (layout here) provides at least some division of space. The third-floor pad is in a prewar building (albeit a walk-up one) and has the…
This new studio listing at 195 Garfield Place in Park Slope. While it is a studio and therefore lacks a separate bedroom, it does appear like the orientation of the kitchen (layout here) provides at least some division of space. The third-floor pad is in a prewar building (albeit a walk-up one) and has the kind of charm to it that you’d expect. What do you think of the $285,000 asking price?
195 Garfield Place, #3M [Douglas Elliman] GMAP P*Shark
Tyburg6 – I would not buy that place but, I do own a lovely brownstone. Currently do not have a cellphone or cable.
Tyburg, then you look to see if you can deduct anything else, and it can start making sense to itemize. For example you need to have more than 7.5 percent of your AGI (the number at the end of page 1 of your return) to deduct medical expenses, but if you pay a chunk of your health insurance and/or you had an expensive year and/or you have contacts or glasses or hearing aids and/or lots of uncovered prescription drugs, or a big bunch of copays, you can deduct that. If you go to church and contribute, you can deduct that. Etc. All the tax prep programs including the really cheap ones go through a questionnaire to see if you can deduct. I always assumed I couldn’t, but voila! it turned out that it paid for me.
Rob, I think I suggested to Dave that he look at your state/federal taxes and it didn’t pay for you last year.
Thanks RF… that makes sense. So, it looks like a $60k person would save about $200/ month.
Rob – don’t freak out. I just took a quick look at my taxes from last year (and I’m pretty sure I make more than you), and using my state and local taxes as a deduction would only get me to about break-even with the standard deduction.
quote:
I realized that even as a renter, I could itemize and make out very well. I wound up doing amended returns for 3 years back and got a nice check from the IRS.
can you share this info with dave? obviously when he did my taxes he didnt do any of these!
*rob*
tyburg, you also get to deduct your state and city income taxes which can be considerable for a childless person with a $50-60k income. Take a look at your w-2! Many years ago (before I became a mom and when I still made that much money!) I realized that even as a renter, I could itemize and make out very well. I wound up doing amended returns for 3 years back and got a nice check from the IRS.
But BedstuyMaven… that’s a lot of sacrifice, I’d say. Do you think that this place (and places like it… i.e., everything in this ridiculous market) is enough of a “little slice of heaven” to sacrifice for? It’s just crazy to me.
Also. About this tax deduction thing. If you make $50k-$60k — what you need to make to live in this tiny place (uggh!) — you’re not gonna save $300/month on mortgage deduction.
You already get $5,350 as a *standard* deduction.
So you’re only getting about $4,000 extra above this in mortgage interest payments. That’s only about a $1,000 lower federal tax liability! Or $83 a month.
PLEASE tell me I’m waaaay off. Please.
Saving 800 a month for 5 years is not impossible. If you have a goal you make the scarifice. No cable, no cellphone, take lunch to work, no starbucks coffee. It adds ups.
Saving 800 a month for 5 years is not impossible. If you have a goal you make the scarifice. No cable, no cellphone, take lunch to work, no starbucks coffee. It adds ups.