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Student loan interest....
Posted on 1/15/17 at 3:49 pm
Posted on 1/15/17 at 3:49 pm
Why is mortgage interest able to be written off yet because I make more than the threshold I cant write the student loan interest off which allowed me to buy my condo in the first place? makes zero sense to me.
7
Posted on 1/15/17 at 4:03 pm to Lawyered
Lobbyists, politics, and only so much time in a day to tackle issues. Any other questions?
Posted on 1/15/17 at 4:07 pm to Lawyered
I don't understand the downvotes but alright.
Posted on 1/15/17 at 4:29 pm to Lawyered
quote:
I don't understand the downvotes but alright.
The Boomers have mortgages but not student loans. That's why you're being downvoted.
Posted on 1/15/17 at 5:09 pm to Lawyered
Regardless of income it's a joke of a deduction. $2500 in interest maximum. If you're making over $80k individually or $160k married filing jointly it's not going to affect very much. You'd be better off using Section 179 & buying some needed business equipment/supplies.
Posted on 1/15/17 at 5:11 pm to Lawyered
Perhaps they're confused, like I, how your student loan interest allowed you to buy a condo?
Posted on 1/15/17 at 5:26 pm to southernelite
quote:
Perhaps they're confused, like I, how your student loan interest allowed you to buy a condo?
I assume he worded his post poorly and meant that taking out his student loan (i.e. his education) allowed him to buy a condo.
Posted on 1/15/17 at 5:43 pm to Joshjrn
Took out a student loan instead of a mortgage to buy a condo?
Posted on 1/15/17 at 5:53 pm to Lawyered
I meant, i took the loans for school to get me the job which allowed me to buy the condo.
Posted on 1/15/17 at 5:57 pm to Lawyered
I don't think that's a good way at looking at why the student loan interest deductions, but I agree the phase-out should be higher.
I also think that certain amount of principal should be deductible too.
I also think that certain amount of principal should be deductible too.
Posted on 1/15/17 at 6:00 pm to Lawyered
Fill me in on why you can't write it off. If I recall, we deducted my wife's student loan interest when we got married.
Posted on 1/15/17 at 6:01 pm to southernelite
Its a small deduction granted, but I'm single and have no dependants or write offs and make about 130 k a year, so the Government loves me right now haha. Its just frustrating that even though i am paying it back, i am not allowed to take advantage of that.
Posted on 1/15/17 at 6:08 pm to Lawyered
quote:
Why is mortgage interest able to be written off yet because I make more than the threshold I cant write the student loan interest off which allowed me to buy my condo in the first place?
Why do you expect legislators to be consistent across a couple of decades?
Posted on 1/15/17 at 7:07 pm to TigerTatorTots
quote:
Fill me in on why you can't write it off. If I recall, we deducted my wife's student loan interest when we got married.
Phase out starts at MAGI 65k and caps at MAGI 80k.
Posted on 1/15/17 at 7:49 pm to Lawyered
This is the ultimate example of the marriage penalty. Not only do you get just one measly $2500 deduction between both of you instead of $2500 each, but since your incomes are combined you'll likely be phased out quicker. Total bullshite that this has not been reformed when the left crys about student loan forgiveness.
And the solution would be so simple... unlimited deductions just like the mortgage. Maybe cap it out at $250k or something higher than $150k or whatever it is.
And the solution would be so simple... unlimited deductions just like the mortgage. Maybe cap it out at $250k or something higher than $150k or whatever it is.
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