Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That's simple math; the propensity of mortgagors to benefit from itemizing is greatest in the first full year and declines every year they remain in their loan..
And on average homeowners sell or refi every 7-10 years. So we can keep playing the stats game but the facts are if half of homeowners with a mortgage do not itemize it's likely that more than half of all owners do not itemize and thusly receive no tax benefit from owning
As if first-time buyers would not be prompted by their own curiosity to look into such an important matter or be urged by home-owning or otherwise more savvy friends and family to do so.
I have a few friends who bought houses. They do not itemize. It's more beneficial to them to take the standard deduction. Nothing wrong in looking into tax saving measures, but do the research. Don't just assume the loan guy and the agent know what's your best interest or that they actually know what they're talking about. They are simply throwing out impressive "facts" to sell you a house.
I itemize so for me the deduction is good. But it's not the deciding factor on buying a house
One of the ridiculous claims made here was that buyers are simply too dumb to be aware of what the tax effects would be in the case of a new home purchase. That claim is, was, and always will be worthless rubbish.
One of the ridiculous claims made here was that buyers are simply too dumb to be aware of what the tax effects would be in the case of a new home purchase. That claim is, was, and always will be worthless rubbish.
Can you provide anything that supports your stance? Seeing as how half of mortgage holders don't itemize and so many people don't understand our progressive taxation system, how the tax bracket work or how deductions may or may not impact their liability Im overly curious as to how you are forming your opinion
Can you provide anything that supports your stance? Seeing as how half of mortgage holders don't itemize and so many people don't understand our progressive taxation system, how the tax bracket work or how deductions may or may not impact their liability Im overly curious as to how you are forming your opinion
Theories that rest on an assumption that "everyone is dumb" do not need formal refutation. They are just baseless slop from the get go.
Theories that rest on an assumption that "everyone is dumb" do not need formal refutation. They are nothing but baseless slop from the get go.
You are halfassing now. You know that a large amount of Americans don't understand the federal taxation system. You also are aware that half of mortgage holders dont itemize, that a large percentage of people don't understand marginal brackets or that overtime isn't taxed any different than other wages. So instead of halfassing and insisting you are correct provide some backup instead of your bs responses
Everyone has presumably passed middle school math. It does not take anything more than that to fill out a 1040 and attach Schedule A.
Passing middle school math in no way suggest the average American has ever filled out a 1040 or schedule A. In other words you dont have crap to support your stance. Your stance is in total contradiction with the average american's comprehension level of our taxation system
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
