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re: Aggressive housing growth = Housing bubble? Where is and what does the burst look like?
Posted on 1/20/18 at 9:34 am to buckeye_vol
Posted on 1/20/18 at 9:34 am to buckeye_vol
quote:
If one can deduct the full 2500 that's 300 in that 12% bracket and 550 on the 22% bracket, unless there is a phase out.
That's not a lot but I sure would be happy to have it.
If you read up the thread, the guy was seemingly implying the loss of the deduction would lead to a student loan economic crisis.
I'm pointing out that the loss of $300 annually is probably not going to cause an economic crisis.
Of course you take whatever money you can get, that's obvious.
This post was edited on 1/20/18 at 9:39 am
0
Posted on 1/20/18 at 9:37 am to buckeye_vol
quote:
How exactly does one know that they qualify for a loan of such a large amount if they have no intention of taking out a loan anywhere close to that?
You can "pre-qualify" for a loan, where the lender will give you an idea of the loan value they are willing to write, and then that instructs what you think your budget should be.
So they'll say they've pre-qualified you for 1 mil. Later on when you actually enter a purchase agreement they'll go through all the financial docs and loan you what you actually need, or worse, deny you.
Posted on 1/20/18 at 12:10 pm to Teddy Ruxpin
quote:Yeah. I just did that not too long ago, but I gave a reasonable estimate when asked, not whether I qualified for a loan 4.3 Times that amount especially since that wouldn’t be 3/4ths of one’s income right of the bat which one shouldn’t be able to qualify for.
You can "pre-qualify" for a loan, where the lender will give you an idea of the loan value they are willing to write, and then that instructs what you think your budget should be.
Based in the informations the OP provided, he’s probably making a little less (or roughly) $100,000 a year and he was looking for a reasonable loan of $300,000. So it makes no sense to pre-qualified him at 4.3 Times the amount since it unaffordable and he wasn’t even requesting anything in the ballpark of that.
Posted on 1/20/18 at 12:23 pm to stout
If I’m reading the chart in you link correctly, the delinquency rate for auto loans is still under 5%.
This is not news IMO. It seems the majority of those who complain about the auto prices don’t want to acknowledge how much more is in cars these days. Some base level models have more features than the maxed out models of the same car a decade ago. The standard has been raised, which Is good for consumers.
Wages do need to increase, so hopefully we see that with the tax cuts.
This is not news IMO. It seems the majority of those who complain about the auto prices don’t want to acknowledge how much more is in cars these days. Some base level models have more features than the maxed out models of the same car a decade ago. The standard has been raised, which Is good for consumers.
Wages do need to increase, so hopefully we see that with the tax cuts.
Posted on 1/20/18 at 1:21 pm to buckeye_vol
quote:
Based in the informations the OP provided, he’s probably making a little less (or roughly) $100,000 a year
I agree there is no way he qualified for a million with that income.
Posted on 1/20/18 at 1:25 pm to buckeye_vol
quote:
If one can deduct the full 2500 that's 300 in that 12% bracket and 550 on the 22% bracket, unless there is a phase out.
There is. Phase out starts at $65k, ends at $80k.
In 2016, the maximum value of the deduction (at least $2,500 in interest and an income of $65k) was $625. It's certainly money everyone wants to have, but I'm not sure if removing it would actually cause a massive disruption in the market.
Posted on 1/20/18 at 2:01 pm to Joshjrn
The student loan deduction was always a joke.
Posted on 1/20/18 at 2:14 pm to LSUSUPERSTAR
Especially if you’re married. Basically goes away.
I’ve said this multiple times, but if Congress really wanted to throw a bone to those with student loans (without forgiveness - which would be a ludicrous solution) just allow a full interest deduction, no stipulations.
I’ve said this multiple times, but if Congress really wanted to throw a bone to those with student loans (without forgiveness - which would be a ludicrous solution) just allow a full interest deduction, no stipulations.
Posted on 1/20/18 at 2:38 pm to TigerDeBaiter
quote:
Especially if you’re married. Basically goes away.
Expound?
Posted on 1/20/18 at 10:31 pm to Joshjrn
Because it is a max $2500 deduction per household. Once filing jointly, your joint income will start to phase it out sooner. I agree with the previous poster that said let everyone deduct all the interest, provided you are not in default.
Posted on 1/20/18 at 11:15 pm to LSUSUPERSTAR
quote:That’s the catch. I was surprised when we filed our first joint return and it wasn’t $5000.
Because it is a max $2500 deduction per household.
quote:This is false. Column: Student tax breaks survive the tax bill, make the most of them
Once filing jointly, your joint income will start to phase it out sooner.
quote:In fact, it appears the phase out is actually a little more favorable for those who file jointly since it’s twice the individual plus $5,000.
To take the full $2,500 deduction, an individual cannot have a modified adjusted gross income over $65,000, and for couples $135,000. For individuals with incomes up to $80,000 and for married couples earning up to $165,000, smaller deductions apply.
Posted on 1/20/18 at 11:52 pm to buckeye_vol
I almost commented that it's worse if you're married to another college grad.
It's just feels more likely you'll hit the married limit faster because now you have an extra person trying to make a career too.
And if y'all pursue useful graduate degrees then forget it. My wife and I are both lawyers. That deduction lasted all of 6 months into our careers before we were married
. And we don't qualify for a lot of other credits or deductions either. I'm not sure that deduction has kept up with degree price inflation at all if that was the intention.
It's just feels more likely you'll hit the married limit faster because now you have an extra person trying to make a career too.
And if y'all pursue useful graduate degrees then forget it. My wife and I are both lawyers. That deduction lasted all of 6 months into our careers before we were married
. And we don't qualify for a lot of other credits or deductions either. I'm not sure that deduction has kept up with degree price inflation at all if that was the intention.This post was edited on 1/20/18 at 11:56 pm
Posted on 1/20/18 at 11:58 pm to Teddy Ruxpin
quote:Ok. Braggy McBraggy, Juris Doctor
That deduction lasted all of 6 months into our careers before we were married
But in all honesty between the phase out (people who go to college tend to make more money), the 2,500 limit, and the fact that these seem to have stayed this way for a long time has made more pointless than it should be.
This post was edited on 1/21/18 at 12:04 am
Posted on 1/21/18 at 12:02 am to buckeye_vol
quote:
Ok. Braggy McBraggy, Juris Doctor
I'm just trying to reiterate the uselessness of the deduction. It doesn't sway decision making or move the needle for anything really.
The phase out starts off at 135k, that's 62,500 a person. You're gonna hit that by what? 28 at worst with a business degree and some work ethic in a major metro?
This gets into the tax code inconsistencies like some dude in San Francisco making that at 25 due to the COL.
Saw your edit. Exactly.
This post was edited on 1/21/18 at 12:06 am
Posted on 1/21/18 at 12:08 am to Teddy Ruxpin
quote:I was thinking of the 165,000 amount when I read your post, so I figured with pre-tax deductions from things like benefits, FSA, dependent care accounts, employee retirement accounts, etc., 165,000 is still a pretty high number.
The phase out starts off at 135k, that's 62,500 a person. You're gonna hit that by what? 28 at worst with a business degree and some work ethic in a major metro?
Or maybe I'm just poor.
Posted on 1/21/18 at 12:23 am to buckeye_vol
quote:
so I figured with pre-tax deductions from things like benefits, FSA, dependent care accounts, employee retirement accounts, etc., 165,000 is still a pretty high number.
True. As with everything there's a million ways it could go. Knowing the retirement savings rate in this country along with people having pretty large student loan payments that inhibit those savings that reduce income, it can sneak back in there.
But then you get into the whole losing perspective thing. There are certainly many people living on a lot less and working very hard that don't want to hear the bitching, and I understand that viewpoint.
Posted on 1/21/18 at 12:46 am to Teddy Ruxpin
quote:Yeah, but there is a big difference between complaining and constructively criticizing. But the whole student loan issue is a problem well beyond a largely ineffective tax deduction, but unfortunately none of the issues, small or big, seem to get addressed so anything would be better than nothing. And personally a couple hundred bucks from a poor tax deduction is something I'll gladly take. A week of daycare paid for. Woo hoo. Only 51 more to make you for.
But then you get into the whole losing perspective thing. There are certainly many people living on a lot less and working very hard that don't want to hear the bitching, and I understand that viewpoint.
This post was edited on 1/21/18 at 12:51 am
Posted on 1/21/18 at 5:42 am to Teddy Ruxpin
quote:
I almost commented that it's worse if you're married to another college grad.
It's just feels more likely you'll hit the married limit faster because now you have an extra person trying to make a career too.
You also have a combined limit of $2500, not $2500 each. So, it’s essentially cut in half in a best case scenario. That’s the big hit.
Posted on 1/21/18 at 8:56 am to GenesChin
Wait, the new tax bill takes away student loan interest deduction? I thought that still remained.
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