6
- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How long will it take for US Govt to make income tax changes re: interest rates?
Posted on 6/15/22 at 4:42 pm
Posted on 6/15/22 at 4:42 pm
For example, Standard deduction tweaks to make loan/mortgage interest deductions attractive again?
Posted on 6/15/22 at 5:01 pm to Turf Taint
quote:
For example, Standard deduction tweaks to make loan/mortgage interest deductions attractive again?
Huh? The standard deduction means you wouldn't use the interest deduction. I'm confused by your question.
Posted on 6/15/22 at 5:24 pm to Turf Taint
Why?
Posted on 6/15/22 at 5:30 pm to Turf Taint
I itemize but would love to take standard deduction and save myself 10 damn hours a year 
ETA: I'm getting an accountant.
ETA: I'm getting an accountant.
This post was edited on 6/15/22 at 5:34 pm
Posted on 6/15/22 at 5:55 pm to Turf Taint
2025 when the trump tax cuts sunset. Congress won’t be able to pass anything before then imo.
Posted on 6/15/22 at 6:15 pm to j1897
Lower the standard deduction to encourage using the interest deduction
Posted on 6/15/22 at 6:16 pm to iAmBatman
quote:
Why?
Lower standard deduction to encourage use of interest deduction
Posted on 6/15/22 at 6:41 pm to Turf Taint
So u want a tax increase so u can use a deduction to get a part of the tax increase back and spend hours more working on your taxes…….
Posted on 6/15/22 at 6:46 pm to tigeraddict
I don’t think he wants that
Think he’s just asking when it will happen which the answer is who knows. Hard to predict anything in Washington
Think he’s just asking when it will happen which the answer is who knows. Hard to predict anything in Washington
This post was edited on 6/15/22 at 6:47 pm
Posted on 6/15/22 at 6:46 pm to tigeraddict
quote:
So u want a tax increase so u can use a deduction to get a part of the tax increase back and spend hours more working on your taxes…….
Agreed. Not sure what OP is getting at with this
Posted on 6/15/22 at 6:53 pm to Turf Taint
quote:
Lower standard deduction to encourage use of interest deduction
But why would the federal government want to encourage that?
Posted on 6/15/22 at 7:09 pm to Turf Taint
Didn’t it used to be like $6000 personal exemption and then $6000 standard deduction before they combined them in like 2017? I guess separating them would make itemizing attractive again for people with $6000-12000 of interest or other deductions.
Personally I’ll just stick with the standard deduction to avoid the headache.
Personally I’ll just stick with the standard deduction to avoid the headache.
Posted on 6/15/22 at 7:33 pm to Turf Taint
This is legitimately one of the dumbest ideas I've ever seen
Posted on 6/15/22 at 8:05 pm to tigeraddict
This. OP hadn’t thought about the math. /thread
Posted on 6/15/22 at 8:16 pm to j1897
quote:
Huh? The standard deduction means you wouldn't use the interest deduction. I'm confused by your question.
Assume op means lower standard deduction so it makes sense to more people to itemize.
Posted on 6/15/22 at 8:20 pm to McLemore
quote:
Assume op means lower standard deduction so it makes sense to more people to itemize.
Why?
Why would you want to do more paperwork to owe more in taxes?
Posted on 6/15/22 at 8:21 pm to Teddy Ruxpin
quote:
I itemize but would love to take standard deduction and save myself 10 damn hours a year
ETA: I'm getting an accountant.
But only because your deductions are high enough to justify 10 hours of your own time or the CPA fee, plus forgoing the standard deduction.
It's assumed that most people are going to go with whichever one is a better deal.
Posted on 6/15/22 at 8:41 pm to tigeraddict
quote:
So u want a tax increase so u can use a deduction to get a part of the tax increase back and spend hours more working on your taxes…….
Question is when.
But you are asking why. If interest rates rise to point of unhealthy demand destruction, might the gov’t provide tax incentives to offset the cost of money to the economy. I could see multiple avenues to achieve this, including add tax deductible interest options (mortgage, other loans, credit card, etc), and/or lowering the standard deduction to increase attractiveness of interest deductions.
I thought everyone on MT had an income level where the break even point between itemizing and standard deduction required some analysis (or at least used TurboTax) - my bad! (kidding).
Posted on 6/15/22 at 8:44 pm to Bestbank Tiger
quote:
But only because your deductions are high enough to justify 10 hours of your own time or the CPA fee, plus forgoing the standard deduction.
It's assumed that most people are going to go with whichever one is a better deal.
Well... ya. That's why we're having fun with the OP.
Posted on 6/15/22 at 8:44 pm to McLemore
quote:
Assume op means lower standard deduction so it makes sense to more people to itemize.
Yes
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News