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Message
re: Homebuying...fresh out of college
Posted on 9/16/09 at 2:10 pm to MikeBRLA
Posted on 9/16/09 at 2:10 pm to MikeBRLA
Certainly. But the tax is *built in* to the rent, whereas if you have a mortgage you have to calculate it and add it in separately. I think too many people neglect to do that. Not a big deal in LA maybe, where the amount is much less, but could be relevant in TX.
This is true. But if you're considering this, run the numbers through the IRS tax calculator to see how much it's actually going to save you.
And as to my actual point, it is absolutely true that whether you rent or buy will have absolutely zero effect on your state income tax rates.
quote:
In addition, since it isn't itemized you don't get to deduct this 'indirect' tax on your federal income tax the way you do if you directly paid it if you owned.
This is true. But if you're considering this, run the numbers through the IRS tax calculator to see how much it's actually going to save you.
And as to my actual point, it is absolutely true that whether you rent or buy will have absolutely zero effect on your state income tax rates.
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