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.
Dang I didn't know that when we were making 75-80 K a year we were the wealthy. Ouc combined itemized deductions usually ran 22-25k per year.
And don't let your media educate you about taxes.
You'll still be able to itemize where people lower on the income scale and are not able to get above the standard deduction will take a larger deduction and will be able to keep more of their money. Mortgage interest and property taxes, reported as a below-the-line deduction. Above the line" deductions are better than those "below the line, since mortgage deduction is below the line it does not reduce your taxable income as much as above the line.
My question to you is how much of your income should be dedicated to housing.
Schummer is the caricature of a slimey politician. when Blumenthal stands beside him, the event morphs into a live cartoon. Blumenthal is a documented liar, Schummer's behavior is unethical and intellectually dishonest, together they paint a picture of what is wrong with the country compliments of the electorate.
Schummer is the caricature of a slimey politician. when Blumenthal stands beside him, the event morphs into a live cartoon. Blumenthal is a documented liar, Schummer's behavior is unethical and intellectually dishonest, together they paint a picture of what is wrong with the country compliments of the electorate.
What is wrong is the people are not educated in the things that effect them most (money and taxation) and that makes it easy for politicians like Schumer to lie to them for the government benefit and not the people's benefit.
Call me a nerd but I like learning as much about the tax code in an effort to legally keep more of my money. This weekend I watch Schumer being interviewed by Chris Wallace.
Sen. Schumer said “Well, but he also takes away things like the mortgage interest deduction, the local — state and local property …â€
Chris Wallace called him on the lie and Schumer tried to spin his way out of it.
Chris Wallace: “No, no, no, that’s not true. He doesn’t take away the mortgage. No, he does not take away the mortgage interest deduction.â€
Schumer: “You cannot do it without the standard deduction. He takes away state and local, as well, and middle-class people get far less of a benefit, many of them were hurt. One estimate said that millions would pay more, and the rich do extremely well.â€
Wow!
That was devastating.
I'm sure glad we don't get large doses of BS daily from the White House. You?
You'll still be able to itemize where people lower on the income scale and are not able to get above the standard deduction will take a larger deduction and will be able to keep more of their money. Mortgage interest is a common tax deduction, it is usually reported as an itemized expense, which is a below-the-line deduction. Above the line" deductions are better than those "below the line, since mortgage deduction is below the line it does not reduce your taxable income as much as above the line.
My question to you is how much of your income should be dedicated to housing.
What you feel comfy affording and can get an honest mortgage for.
Our previous house(sold in 2016) was a typical 3 bed - 2 bathroom 2200sq ft, although we did have 2.5 acres and not in a subdivision although surrounded by subs. Mortgage 225K with taxes etc running 1650 per month.
Pretty typical for the area around us-- there were older subs nearby at 125-175 and fancy ones at 300K on up. Median family income for the area is about 20K higher than state average.
If you wanted to live there-- then you had to pay the piper.
Where we live now, the median income is about 20K below the state average and housing cost reflect that.
Agreed that for the most part I would prefer a tax credit rather than a tax deduction that you have to get to a threshold to use.
I hope that people less fortunate than we get the breaks, but the Motley Fool analysis(and others) that married with 3 or more kids get the shaft. Not good for
Call me a nerd but I like learning as much about the tax code in an effort to legally keep more of my money. This weekend I watch Schumer being interviewed by Chris Wallace.
Sen. Schumer said “Well, but he also takes away things like the mortgage interest deduction, the local — state and local property …”
Chris Wallacecalled him on the lie and Schumer tried to spin his way out of it.
Chris Wallace: “No, no, no, that’s not true. He doesn’t take away the mortgage. No, he does not take away the mortgage interest deduction.”
Schumer: “You cannot do it without the standard deduction. He takes away state and local, as well, and middle-class people get far less of a benefit, many of them were hurt. One estimate said that millions would pay more, and the rich do extremely well.”
I think you also just lied, Chris Wallace didn't "call him on a lie" as indicated above, he simply corrected him. I know you want to be fair so that was just an oversight.
What you feel comfy affording and can get an honest mortgage for.
Our previous house(sold in 2016) was a typical 3 bed - 2 bathroom 2200sq ft, although we did have 2.5 acres and not in a subdivision although surrounded by subs. Mortgage 225K with taxes etc running 1650 per month.
Pretty typical for the area around us-- there were older subs nearby at 125-175 and fancy ones at 300K on up. Median family income for the area is about 20K higher than state average.
If you wanted to live there-- then you had to pay the piper.
Where we live now, the median income is about 20K below the state average and housing cost reflect that.
Agreed that for the most part I would prefer a tax credit rather than a tax deduction that you have to get to a threshold to use.
I hope that people less fortunate than we get the breaks, but the Motley Fool analysis(and others) that married with 3 or more kids get the shaft. Not good for
They were not talking about personal exemptions but I did say I'm waiting to hear if it stays. Schumer should have held off his guns for that instead he tried to spin that an increase in the standard deduction is bad when in fact it's good for people who can't take the mortgage and local tax deduction.
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.
