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Can't deduct property tax because I don't owe enough on the mortgage
2011 Apr 10, 5:42am 7,726 views 28 comments
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klarek
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2011 Apr 11, 4:48am
Congress refuses to repeal the mortgage interest deduction on its face. But Congress is going ahead with a stealth repeal of the MID by the clever ruse of increasing the standard deduction.
Do you mean decreasing?
It’s very strange that the only two things that have loss of value are homes and cars.
Huh? Most of you folks are pretty smart. Do you want to rethink this statement?
Stocks' value is in constant flux, anything used is worth less than it was when new (unless there is a demand for it as vintage or collectable), new stuff with more supply than demand is priced at discount (last year's/season's merchandise), electronics have continually come down in price, anything with a "shelf life" is discounted until it sells or is discarded (food, medications, flowers).
ArtimusMaxtor
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2011 Apr 11, 9:18am
Oh sure I guess I am pretty smart. I could bring the hachet down on that statement really, really quick. Bringing up stock market isn't really all that smart at this point. In my opinion. People are tired of being conned. So. I'll just leave that alone. See the confusion is really simple. All of this isn't complicated at all. It just complicating senario's. So people become confused again. It's really not a nice thing to do.
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This is the third year that my mortgage interest and property tax, plus the few other deductions I have, does not add up to enough to beat the standard income tax deduction. Actually, I'm just gloating, reading all your posts about housing being too expensive and you can't or won't purchase.
OK, California became the land of the crazy during the housing boom. I could never understand how wages could be high enough that the average person could pay such sky high prices for tiny 50 year old homes. Californians have a long way to go to affordability.
It wasn't the sellers, but the banks who made plenty of money off me in the 80's, with 13% interest. For years, the amount of payment that went to principal could make a person cry. Finally, it's the other way around. My credit union is making so little on my 2008 refinance that is was a bad business deal for them.
#housing