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Started By
Message
It is criminal how you can't claim Student Loan interest on tax but can Mortgage
Posted on 8/24/24 at 12:30 am
Posted on 8/24/24 at 12:30 am
If you make over $85,000, you can't claim any interest paid on student loans for a tax break. However, if your mortgage is less than $750,000, you can claim interest on a tax break.
That is absurd and completely unfair. Firstly, student loans are paid by younger people that generally have very little if any savings, to do this is just a total slap in the face. 2nd, if you're buy a $750,000 house, that means you are probably making $200k or more. 3rdly those with student loans will also be trying to buy houses at some point, so that puts them under 2 different massive debts whereas just homeowners have 1.
This makes no sense and needs to change ASAP. Whoever came up with this set of laws needs to be in prison.
I know this set of laws was created likely by rich men that pay for their kids college, so they don't give a shite about tax breaks on interest from student loans because they won't pay interest, but likely have a $750k mortgage that they do want to be able to write off tax breaks on. And IRS wonders why people commit tax fraud. It's not that their cheap, it's that laws like this are just wrong.
That is absurd and completely unfair. Firstly, student loans are paid by younger people that generally have very little if any savings, to do this is just a total slap in the face. 2nd, if you're buy a $750,000 house, that means you are probably making $200k or more. 3rdly those with student loans will also be trying to buy houses at some point, so that puts them under 2 different massive debts whereas just homeowners have 1.
This makes no sense and needs to change ASAP. Whoever came up with this set of laws needs to be in prison.
I know this set of laws was created likely by rich men that pay for their kids college, so they don't give a shite about tax breaks on interest from student loans because they won't pay interest, but likely have a $750k mortgage that they do want to be able to write off tax breaks on. And IRS wonders why people commit tax fraud. It's not that their cheap, it's that laws like this are just wrong.
This post was edited on 8/24/24 at 12:33 am
27
Posted on 8/24/24 at 12:32 am to Saunson69
quote:
Whoever came up with this set of laws needs to be in prison.
Repost when off your period
Posted on 8/24/24 at 1:01 am to Saunson69
Quickly pay off your student loan and you want owe much interest.
Posted on 8/24/24 at 1:17 am to Saunson69
quote:
If you make over $85,000, you can't claim any interest paid on student loans for a tax break.
Is that $85000 if filing single or does it apply to combined income if filing married.
Posted on 8/24/24 at 1:38 am to Saunson69
Your issue is being subject to massive debt as a new adult. It is crazy that the United States wants to make debt slaves of the younger generation. That being said, you are only a debt slave if you agree to it. Don't go to college, get a vocational job out of highschool. suffer for five years and then make a killing.
Posted on 8/24/24 at 5:04 am to Saunson69
pussy,
go get a second job and pay those frickers off early.
Holy shite these mf’ers are soft. And no one wants to listen to your bitching and moaning.
go get a second job and pay those frickers off early.
Holy shite these mf’ers are soft. And no one wants to listen to your bitching and moaning.
Posted on 8/24/24 at 5:19 am to Saunson69
I think you can for business purposes , I was gonna ask my accountant.
Posted on 8/24/24 at 5:27 am to 10thyrsr
quote:
Don't go to college, get a vocational job out of highschool. suffer for five years and then make a killing.
I have always been very pro college, as I have a couple degrees. That has changed with me. I'm 58, and have a handful of grandkids now. I am 100% against college now, and much prefer the trade route.....primarily for two reasons....you don't have to inherit all that debt for one, but more importantly, I don't want my grandkids exposed to this liberal filth in college. It is bad enough what they pushing in elementary and highschool now. I've seen completely conservative raised and practicing kids go off to college and come back socialist.
Posted on 8/24/24 at 5:32 am to Saunson69
If my memory serves me correctly, at one time you could deduct interest on car notes and credit cards.
Posted on 8/24/24 at 5:37 am to Saunson69
It’s because the government is scared of sloped roofs. It’s out of control. They are everywhere.
Posted on 8/24/24 at 5:38 am to Saunson69
quote:
If you make over $85,000, you can't claim any interest paid on student loans for a tax break. However, if your mortgage is less than $750,000, you can claim interest on a tax break.
That is absurd and completely unfair. Firstly, student loans are paid by younger people that generally have very little if any savings, to do this is just a total slap in the face. 2nd, if you're buy a $750,000 house, that means you are probably making $200k or more. 3rdly those with student loans will also be trying to buy houses at some point, so that puts them under 2 different massive debts whereas just homeowners have 1.
This makes no sense and needs to change ASAP. Whoever came up with this set of laws needs to be in prison.
I know this set of laws was created likely by rich men that pay for their kids college, so they don't give a shite about tax breaks on interest from student loans because they won't pay interest, but likely have a $750k mortgage that they do want to be able to write off tax breaks on. And IRS wonders why people commit tax fraud. It's not that their cheap, it's that laws like this are just wrong.
If you're going to bitch like this but plan to vote for either a Republican or Democrat, then all of this is your fault. You either want change or not. Neither party is going to fix the system that screws you, so long as it benefits them, which it does because they cater to their donors.
Posted on 8/24/24 at 6:46 am to Saunson69
Meh. The TCJA killed your gripe considering the higher standard deduction means most taxpayers no longer itemize. Mortgage interest is an itemized deduction while student loan interest is not. Come back after 2025...and only if the wrong candidate wins...maybe.
Posted on 8/24/24 at 6:50 am to Mandtgr47
quote:
I am 100% against college now, and much prefer the trade route.....primarily for two reasons....you don't have to inherit all that debt for one, but more importantly, I don't want my grandkids exposed to this liberal filth in college.
So where are your kids in all this creating a 529 (no debt) and teaching them right before they go to college?
Posted on 8/24/24 at 6:51 am to Saunson69
Virtually all student loans are subsidized. You are getting your "fair share" on the front end.
If that's not enough, try not going to Swathmore and getting a film studies degree. It is completely possible to go to college with no (or little) student debt.
If that's not enough, try not going to Swathmore and getting a film studies degree. It is completely possible to go to college with no (or little) student debt.
Posted on 8/24/24 at 6:51 am to Saunson69
quote:most of them aren't making 85k nor are interested in saving anything. they live beyond their means. frivolous stuff. you make a terrible case. im opposed to all taxes but your case is hollow.
Firstly, student loans are paid by younger people that generally have very little if any savings,
Posted on 8/24/24 at 7:31 am to Saunson69
What's criminal is how high the cost of higher education has risen since the advent of government student loans.
Posted on 8/24/24 at 7:40 am to Saunson69
quote:
If you make over $85,000, you can't claim any interest paid on student loans for a tax break.
The limits are 90k/185k (single/mfj). And it’s an above the line adjustment, you don’t have to ITEMIZE.
quote:
However, if your mortgage is less than $750,000, you can claim interest on a tax break.
Itemized deductions are not that great, if you don’t have charitable contributions you are basically not going to be in a a better position than the standard (if you properly apply the max $750k indebness.
quote:
if you're buy a $750,000 house, that means you are probably making $200k or more
It also means you are boxed out of many more itemized deductions (like medical expenses), phased out of most credits, and the student loan deduction for that matter . So these people should have no deductions?
Posted on 8/24/24 at 7:43 am to Saunson69
Interesting commentary from the “all taxes are bad and that’s why I support tax free tips” crowd
Posted on 8/24/24 at 7:47 am to Saunson69
quote:I'm surprised by the DVs.
you can't claim Student Loan interest on tax but can Mortgage
If you make over $85,000, you can't claim any interest paid on student loans for a tax break. However, if your mortgage is less than $750,000, you can claim interest on a tax break.
That is absurd and completely unfair.
You're correct of course, there really is no justification for the tax break differential.
Your post addresses tax deductible interest differences.
Additionally though, every 2 years eligibility renews for a $500K home sale tax exclusion on profits. Realistically the only way one generates a (second) $500K profit over a 2-yr window is to own a second home (as DC politicians often do). So on the one hand the code protects $1,000,000 in home sale profits over a 2-yr span, but on the other, it provides no relief for even for interest exclusion of student loans.
Posted on 8/24/24 at 7:49 am to NC_Tigah
quote:
I'm surprised by the DVs.
really now
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