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Message
Mortgage Interest Deduction in danger....
Posted on 7/10/13 at 4:05 pm
Posted on 7/10/13 at 4:05 pm
of being screwed up by the same folks that love ethanol so much they are mandating 15% ethanol/failure at the pumps. Nice
LINK
How could anyone think that touching the interest deduction wouldnt hurt the housing market is beyond comprehension.
Im left with just one thought.....just another tool /regulation used to share the wealth.
LINK
How could anyone think that touching the interest deduction wouldnt hurt the housing market is beyond comprehension.
Im left with just one thought.....just another tool /regulation used to share the wealth.
3
Posted on 7/10/13 at 4:12 pm to MoreOrLes
quote:
Close to half of homeowners with mortgages—mostly lower and middle-income families—received no benefit from the deduction, according to Fisher.
What a pile of bullshite.....
Posted on 7/10/13 at 4:15 pm to TJG210
quote:
What a pile of bullshite.....
It's true. They aren't paying enough in interest, especially with rates so low to claim anything more than the standard deduction.
If you owe $150k on a house at 5%, you're paying somewhere around $7,000 in interest. So unless they can itemize $5,500 more...they are just claiming the standard deduction.
This post was edited on 7/10/13 at 4:17 pm
Posted on 7/10/13 at 4:18 pm to Golfer
They did however claim the frick out of the Earned Income Credick and Child Tax Credick.
Posted on 7/10/13 at 4:22 pm to Golfer
quote:
with rates so low to claim anything more than the standard deduction
This wont always be the case yet any changes to the Mortgage Interest Deduction will.
Its a bad idea.
Posted on 7/10/13 at 4:23 pm to Golfer
quote:
So unless they can itemize $5,500 more
Well given that property taxes and PMI are deductible that shouldn't be all that difficult to reach.
quote:
If you owe $150k on a house at 5%, you're paying somewhere around $7,000 in interest.
If you are the beginning of your mortgage you would be paying a fair chunk more than this.
Posted on 7/10/13 at 4:23 pm to iknowmorethanyou
Well those are Credits, not deductions.
Posted on 7/10/13 at 4:25 pm to Golfer
They are proposing morphing the deduction into a credit to reach more taxpayers. I believe the aforementioned credits offer the lower class plenty without altering the deduction.
Posted on 7/10/13 at 4:27 pm to PurpleAndGold86
quote:
Well given that property taxes and PMI are deductible that shouldn't be all that difficult to reach.
I'm three years into a $160k mortgage. I'm not even reaching $9000 in PMI, taxes, and interest.
Posted on 7/10/13 at 4:37 pm to Golfer
quote:
I'm three years into a $160k mortgage. I'm not even reaching $9000 in PMI, taxes, and interest.
I'm three years in and I am over 20K. Just saying that there are still a ton of people that can use the interest deduction. That quote saying that MOST people dont take advantage is a pile of BS.
Posted on 7/10/13 at 4:50 pm to Golfer
Unlike P&G1986 you can also itemize state income tax whereas he pays higher property tax due to TX having no state income tax. Not really apples to apples the way you guys are going at it.
Why can't people who have benefited from low mortgage rates/costs just be happy...
Why can't people who have benefited from low mortgage rates/costs just be happy...
Posted on 7/10/13 at 4:53 pm to tirebiter
quote:
you can also itemize state income tax whereas he pays higher property tax due to TX having no state income tax
Correct. I would venture to say that most people that have a mortgage and aren't in the last part of it can itemize because of the interest deduction. If the interest deduction would be taken away a lot of people would not be able to itemize.
Posted on 7/10/13 at 5:06 pm to PurpleAndGold86
For the record, I do itemize... but it wouldn't surprise me that those in low income brackets that have mortgages on $125k houses are itemizing.
but it wouldn't surprise me that those in low income brackets that have mortgages on $125k houses are itemizing. Posted on 7/10/13 at 5:06 pm to PurpleAndGold86
quote:
If you owe $150k on a house at 5%, you're paying somewhere around $7,000 in interest.
If you are the beginning of your mortgage you would be paying a fair chunk more than this.
Doesn't matter if it is year one or year 30, 5% of 150K is still 5% of 150k.
Posted on 7/10/13 at 5:09 pm to TigerintheNO
quote:
Doesn't matter if it is year one or year 30, 5% of 150K is still 5% of 150k.
You do realize you pay more interest in the beginning of a mortgage right? I'm going to go out on a limb and say that you don't.
Posted on 7/10/13 at 5:12 pm to PurpleAndGold86
No way they get rid of this.
Posted on 7/10/13 at 5:13 pm to PurpleAndGold86
quote:
You do realize you pay more interest in the beginning of a mortgage right? I'm going to go out on a limb and say that you don't.
Yes, because your principal is higher at the beginning then at the end.
I'm going to go out on a limb and say you don't understand math. 5% of 150K is the same no matter what year it is.
Posted on 7/10/13 at 5:15 pm to TigerintheNO
quote:
Yes, because your principal is higher at the beginning then at the end.
Holy shite you are fricking moron.
Posted on 7/10/13 at 5:23 pm to TigerintheNO
TigerintheNO,
Most mortgages have front loaded interest.
I'm going to go out on a limb that you don't have a mortgage...
Most mortgages have front loaded interest.
I'm going to go out on a limb that you don't have a mortgage...
This post was edited on 7/10/13 at 5:24 pm
Posted on 7/10/13 at 5:29 pm to chauncey1
I have 150k house at 3.25%. Pretty sure I'll be taking the standard.
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