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re: If I rent a house why am I subsidizing your mortgage deduction
Posted on 5/24/18 at 2:56 pm to KiwiHead
Posted on 5/24/18 at 2:56 pm to KiwiHead
The best answer: too bad so sad, life's not fair
The second best answer: this is a business, not a charity. Maybe one day UNICEF will get into the rental business, and then you can complain.
The second best answer: this is a business, not a charity. Maybe one day UNICEF will get into the rental business, and then you can complain.
0
Posted on 5/24/18 at 2:56 pm to KiwiHead
quote:Sounds like a question he should ask of himself, not his landlord.
If I rent a house why am I subsidizing your mortgage deduction
Mil lineal I would bet.
Posted on 5/24/18 at 2:58 pm to KiwiHead
Pretty whiny for someone who doesnt have to pay property tax, homeowners insurance, flood insurance, or for maintenance and repairs.
Local/state government tax policies in this country tend to encourage home-ownership, which is a good thing.
Local/state government tax policies in this country tend to encourage home-ownership, which is a good thing.
Posted on 5/24/18 at 2:58 pm to MadDoggyStyle
Renters are penalized for not owning a home, and rightly so.
Posted on 5/24/18 at 3:08 pm to MadDoggyStyle
quote:
I wonder if the renter would like to participate in the property taxes, maintenance, and risk in owning rental property?
Property taxes and maintenance are figured into the rent costs.
quote:
The litte saved on a tax deduction doesn't come close IMO.
Pretty much the surest path to wealth is through ownership of rental real estate. If it's as risky as you say... why the hell would anyone own rental real estate?
Posted on 5/24/18 at 3:16 pm to KiwiHead
Question, I have thought about renting our property when we move, we have a new construction in a nice neighborhood, and we will be moving just over 2 years, we have already made money if we sell, but we can always do better.
Lawn maintenance is a consideration for us though, we spent about $4K for sod/irrigation etc. Water bills average around 250-300 every 2 months. We understand we transfer the water to the tenant, but are we able to write in that they leave the irrigation going? Then just pay a portion of the water bill by agreeing to lessen their rent?
Lawn maintenance is a consideration for us though, we spent about $4K for sod/irrigation etc. Water bills average around 250-300 every 2 months. We understand we transfer the water to the tenant, but are we able to write in that they leave the irrigation going? Then just pay a portion of the water bill by agreeing to lessen their rent?
This post was edited on 5/24/18 at 3:17 pm
Posted on 5/24/18 at 3:17 pm to LSUFanHouston
quote:
We have these entire institutions of government, the IRS, thousands of pages of tax code, etc, because the main purpose of the tax code is SOCIAL ENGINEERING.
I think the Social Engineering part in the tax code was what he was getting at.....his rent overall is not onerous. It seemed he was just looking for additional deductions after having to pay a nice tax bill this year.
I told him the problem with paying rent is that rent is a premium priced product. If you are paying 1800 a month in rent, the owner's note, PITI is somewhere around 1300 +/- and most guys in the rental business who own more than 1-2 properties are usually leveraged to the hilt on those properties
Posted on 5/24/18 at 3:55 pm to Zappas Stache
quote:
2. He is not subsidizing your deduction. If mortgage deductions were not allowed for investment property then the rents most likely would have to be higher and less property would be constructed for rentals (i.e. larger apartment complexes) which would result in less available rentals and higher overall rents.
The values of homes could also go down, as less demand would be in the market, as many prospective buyers factor deductions into their purchase decision-making process.
Posted on 5/24/18 at 4:33 pm to KiwiHead
Because he is not a member of the home owners club. When he can afford to get in, he can enjoy the perks we get. Until then....to bad to sad.
Posted on 5/24/18 at 4:40 pm to eScott
quote:profit isn't a "right"
God forbid his landlord make a profit on it.
Posted on 5/24/18 at 4:41 pm to KiwiHead
Buy a house
Posted on 5/24/18 at 4:44 pm to TennesseeFan25
Yes you can make them run irrigation and pay water bill
Posted on 5/24/18 at 4:51 pm to KiwiHead
The new state of the mortgage interest deduction isn't even useful to many people now.
Posted on 5/24/18 at 4:53 pm to chalmetteowl
quote:
profit isn't a "right"
He didn't say it was, but the right to pursue one is and should be, unless your a socialist in favor of regulated housing and price controls.
Posted on 5/24/18 at 4:57 pm to KiwiHead
quote:
if he makes 100K and rents, his tax bill is considerably more than the same guy who makes 100K and "owns" and pays a mortgage note.
Then tell Mr Renter to GO BUY A HOUSE. There is a RISK assosiated with a mortgage that Mr Renter does not have...cant have NO risk and benefit from interest deduction.
Posted on 5/24/18 at 5:06 pm to chalmetteowl
quote:
profit isn't a "right"
I've owned rental properties and I had a right to make a profit on it. Hope you're trolling.
Posted on 5/24/18 at 5:29 pm to KiwiHead
Why have I never been able to deduct all my student loan interest?
Why do people who pay no taxes get a tax credit?
Why do we incentivize people who can barely support themselves (or can't) to procreate?
Why do we penalize marriage in certain instances?
Why do we tax work?
Etc etc. Tax code is big-league fricked up.
Why do people who pay no taxes get a tax credit?
Why do we incentivize people who can barely support themselves (or can't) to procreate?
Why do we penalize marriage in certain instances?
Why do we tax work?
Etc etc. Tax code is big-league fricked up.
Posted on 5/24/18 at 5:32 pm to KiwiHead
quote:
For instance, if he makes 100K and rents, his tax bill is considerably more than the same guy who makes 100K and "owns" and pays a mortgage note.
It really isn't that much of a difference...
Posted on 5/24/18 at 5:36 pm to Mingo Was His NameO
quote:the "right" to profit ends at others' right to affordable housing
but the right to pursue one is and should be, unless your a socialist in favor of regulated housing and price controls.
Posted on 5/24/18 at 5:49 pm to ShortyRob
The thread was answered with the original quote.
What does he think would happen to his rent if the entire mortgage expense was deductible?
What does he think would happen to his rent if the entire mortgage expense was deductible?
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