- 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
Tax Deduction for Mortgage Interest
Posted on 9/17/12 at 9:41 pm
Posted on 9/17/12 at 9:41 pm
Always see this mentioned but unless you finance around $300k, your interest will be less than the standard deduction if you're married. Only way I see this being worth your consideration otherwise is if you donate a crap load of money to charity/church or have over 7% of AGI in medical bills. Am I missing something?
4
Posted on 9/17/12 at 9:51 pm to Ton Chou
Property tax
Posted on 9/17/12 at 10:06 pm to igoringa
medical expenses, student loan interest, home office, traditional IRA contributions, capital losses
Posted on 9/17/12 at 10:08 pm to igoringa
quote:
Property tax
Plus state income or sales tax.
Interest in early years will be close to or equal the standard deduction which means that once you meet that base, you can deduct other taxes, all charitable contributions, medical bills above the threshold, etc.
This post was edited on 9/17/12 at 10:10 pm
Posted on 9/18/12 at 6:23 am to Ton Chou
you need a refresher course in taxes
Posted on 9/18/12 at 7:11 am to Ton Chou
You do realize mortgage interest rates are at an all time low? What happens if the borrowers interest rate was 7.0% instead of 3.5%? When Jimmy Carter was on office interest rates got to around 17.5%. The mortgage interest deduction is not a trivial matter.
Posted on 9/18/12 at 7:40 am to Poodlebrain
I paid 9.5% on my first house and it was considered a great rate at the time. It was the first time mortgage rates had dropped below 10% in quite some time.
Posted on 9/18/12 at 7:47 am to Ton Chou
Investment interest deductions, business expenses, the huge mommagonda suv you put iinto business service...
Posted on 9/18/12 at 8:34 am to BestBanker
Thanks. I was referring to those who are not self employed and only have w2's and no investments outside of 401k. Property taxes in rural parishes are extremely low so there is not a whole lot to deduct. I didn't finance near that amount so for the deduction to be of any benefit I would have to donate about 5k a year.
Posted on 9/18/12 at 8:40 am to TortiousTiger
quote:
medical expenses, student loan interest, home office, traditional IRA contributions, capital losses
Not itemized deductions; student loan interest, IRAs, or capital losses.
Posted on 9/18/12 at 12:08 pm to Ton Chou
You could always refinance at a higher rate. The bank might even waive the closing costs.
Posted on 9/18/12 at 2:44 pm to Ton Chou
quote:
Thanks.
sorry. didn't have your data. how bought having more children? adoption?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News