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Blue saysBayArea says@SunnyvaleCA
Thank you for the clear explanation.
So it looks like I’d be getting back about $4600/yr by owning....
Plus annual appreciation that is generally more than inflation.
You know it’s 2019 right? You mean annual depreciation...
If anyone expects to buy a house today and see equity upside in the next 1-5yrs, they may be in for a surprise.
- if I’m a renter, do I have any SALT deduction now?
My point is that after close to a decade long bull run, the next several years is uncertain.
If anyone expects to buy a house today and see equity upside in the next 1-5yrs, they may be in for a surprise.
First thing: get yourself one of those HP 10B business calculators and learn how to use the top row of buttons. It makes payment calculations easy for mortgages, car loans, etc.
rocketjoe79 saysFirst thing: get yourself one of those HP 10B business calculators and learn how to use the top row of buttons. It makes payment calculations easy for mortgages, car loans, etc.
Actually, there is a nice little payment calculator app that is free. Those calculators will be obsolete soon. All of the simple ratios that you can store in them are easily accessible online.
Plus annual appreciation that is generally more than inflation.
SALT deduction isn’t really a deduction. It’s a necessary accounting mechanism to avoid double taxation.
I disagree here. The Fed and State are two different entities. The Fed has nothing to with the State or Locality adding additional taxes. Now if you want State taxes to tax AGI after Fed taxes removed, I agree. But there is no way high income tax states should be allowed to grab part of Federal taxes through SALT. Also, a wee bit of an economic "moral hazard" with an unlimited SALT inyour example above. Suppose Bernie did do that 97% millionaires tax. Now a State can impose their own 50% or so millionaires tax and let the millionaire deduct this from Federal income tax. We are of course referring to marginal rates.
Or, flip the equation upside down. People who hate the SALT should consider that maybe the state should allow you to deduct from your state taxes the amount you paid to the feds.
Low interest rates have kind of wiped out the MID on their own. .
That along with the $24k standard deduction for joint filers.
Take the government out of the sick care industry and let the private market handle it. Then there basically will be a "tax" on BMI, as fat people will have to pay an additional premium for their insurance (if they choose to purchase insurance).
If we cancelled all other government welfare, I'd be all for Basic Minimum Income. Of all the candidates in the Democratic Clown Car, I'd go for Andrew Yang! Sadly, I know BMI would be rolled out as an additional supplement to the existing handouts promoting bad behavior, thus defeating the only good part of BMI.
Nor would I borrow a huge sum to buy a home under the assumption that the current tax laws (ahem, including Prop-13 tax computation) will be the same for decades to "make it work".
Really, it all comes down to this: should I paydown my mortgage or invest in ARLP? What hath Trump's tax reform wrought?
Which I don't see you hollering to get rid of...which means that you really do not care if something is 'double taxation pure and simple' at all. Not really.
The difference is that Prop 13 would require a supermajority of the voters to change or repeal it.
Hi guys, let’s assume the following
- SALT deduction limited to $10k/yr
- prop tax rate is 1.3%
- home purchase price: $1M
- 3.7% interest rate
- 20% down
Can anyone walk me thru the math on what my payment will be annually with tax benefits included
Thanks
The SALT cap has screwed many of us.
No, your high State and local taxes screwed you.
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- SALT deduction limited to $10k/yr
- prop tax rate is 1.3%
- home purchase price: $1M
- 3.7% interest rate
- 20% down
Can anyone walk me thru the math on what my payment will be annually with tax benefits included
Thanks