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Mortgage interest deduction what am I missing
Posted on 3/17/17 at 12:54 pm
Posted on 3/17/17 at 12:54 pm
everyone talks about how they can write off mortgage on taxes. I'm married with no kids and don't have many other deductions. We never get close to the standard 12k deduction.What am I missing?
This post was edited on 3/17/17 at 1:03 pm
8
Posted on 3/17/17 at 12:56 pm to D Tide
quote:
how they can right off there
Posted on 3/17/17 at 12:57 pm to D Tide
Yeah, if you're married, and get the 12,600 deduction, it won't help you. Found that out the hard way this year.
When I was filing single, and getting the 6,300, claiming mortgage interest was money! It was $7,000+ some years.
ETA: If you're itemizing more than just M.I., it's beneficial. But in order for itemization to help at all, it's gotta be over 12,600. Someone correct if I'm wrong, please.
When I was filing single, and getting the 6,300, claiming mortgage interest was money! It was $7,000+ some years.
ETA: If you're itemizing more than just M.I., it's beneficial. But in order for itemization to help at all, it's gotta be over 12,600. Someone correct if I'm wrong, please.
This post was edited on 3/17/17 at 12:59 pm
Posted on 3/17/17 at 1:09 pm to D Tide
quote:More deductions or a bigger housenote
what am I missing
Posted on 3/17/17 at 1:28 pm to D Tide
I would link you to the thread where I countered people citing the deduction as a reason to buy over renting, but I'm on my phone and it's simply not worth the effort 
Posted on 3/17/17 at 2:46 pm to D Tide
quote:
everyone talks about how they can write off mortgage on taxes. I'm married with no kids and don't have many other deductions. We never get close to the standard 12k deduction.What am I missing?
You got your property tax in there?
Posted on 3/17/17 at 2:48 pm to D Tide
Mortgage interest + state income taxes + real estate taxes + personal property taxes + charitable contributions + some other deductions you probably don't have = your itemized deduction.
Pro tip - If you're close to itemizing, but don't quite meet the threshold ($12,600) federally it still makes sense to itemize your deductions sometimes because the tax savings on your state return could be greater than the cost on your federal return.
Happy filing!
Pro tip - If you're close to itemizing, but don't quite meet the threshold ($12,600) federally it still makes sense to itemize your deductions sometimes because the tax savings on your state return could be greater than the cost on your federal return.
Happy filing!
This post was edited on 3/17/17 at 2:50 pm
Posted on 3/17/17 at 3:29 pm to D Tide
If you bought your house since 2008 and you don't have a huge house... unless you pay a ton of taxes or you give away a lot of money... you won't get much benefit at all of the interest deduction.
Chaps my rear every time one of the loser real estate agents goes on and on about how an interest deduction is why you should buy.
Chaps my rear every time one of the loser real estate agents goes on and on about how an interest deduction is why you should buy.
Posted on 3/20/17 at 2:17 pm to D Tide
Property taxes+PMI+mortgage interest+ lots of other things to itemize doesn't get you over $12600?
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