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02-20-2021, 12:24 PM | #7606 |
I'll be back.
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Casino cash: $2860478
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Yeah. I'm going to need that tax write off next year.
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02-20-2021, 12:30 PM | #7607 | |
I'll be back.
Join Date: Nov 2002
Casino cash: $2860478
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Quote:
Just got pre approved for 15 year conventional for an amount that I actually need, not what they want to lube their loan cock with.
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02-20-2021, 12:47 PM | #7608 |
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Join Date: Apr 2007
Location: Scott City KS
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Nah. You don’t get to write off home mortgage interest unless you itemize. Which after Tax Cuts and Jobs Act the standard deduction is super high and virtually nobody itemizes.
Even then you’re only deducting itemized expenses OVER what the standard deduction is. For instance, Clay, your standard deduction for 2020 is 12,400. If you make any money medical is probably kicked out as there is a 7.5% of AGI exemption. And state taxes (which would include your property tax, so as a single dude, that’s the one limit that isn’t halved for single dudes you might have something there, but whatever. Follow along) is limited to 10K. So in order to fully deduct your mortgage your SALT and contributions would have to equal 12,400. Here’s an example with made up numbers. 2020 Clay: Medial: $0 SALT: $2000 Home mortgage interest: $0 Contributions: $500 TOTAL Itemized: $2500. Clay is taking $12,400 Standard Deduction. 2021 Clay Medical: $0 SALT: $7,000 ($5k additional PPT) Home Mortgage: $8000 Contributions: $500 Total Itemized: 15,500. Clay itemizes $15500. Marginal additional “deductible” expense: $13,000 (plus principle, which is not deductible but still comes Out of your pocket and is probably in the neighborhood of 3-4K the first year) Marginal additional Tax Deduction: $3,100. If you can even hit itemized, it’s not a dollar for dollar deduction. Be careful relying too much on deducting anything. Don’t count too much on the deduction. Last edited by Buehler445; 02-20-2021 at 12:49 PM.. Reason: Name of the tax bill |
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02-20-2021, 12:51 PM | #7609 |
I'll be back.
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So there are no tax breaks for first-time homebuyers?
****.
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02-20-2021, 01:19 PM | #7610 | |
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Quote:
https://smartasset.com/taxes/first-t...yer-tax-credit FWIW, I'm pro-owning your own home. I'm just anti-bad financial decision making. Buy the house if you can afford it. If you get added benefits, book that as a bonus, don't count on it. |
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02-20-2021, 01:23 PM | #7611 |
**** you, you cretin.
Join Date: Jan 2012
Casino cash: $448026
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Off topic...I’m thinking about buying silver. What are your guys’ thoughts?
Worth it? Not sure when will it actually become profitable.
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02-20-2021, 01:34 PM | #7612 |
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You're considering purchase of an asset that you don't know when or if it will provide a return?
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02-20-2021, 01:42 PM | #7613 | |
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Quote:
100 Year Silver Chart. Check the numbers on the left Silver Prices - 100 Year Historical Chart 100 year DJIA (and that's not what's running hard now) Dow Jones - DJIA - 100 Year Historical Chart EDIT: You'll have to click the link. DON'T "Invest" in commodities. Bottom line the sister****ers trying to get you to invest in metals are hucksters. If the dollar fails we're all ****ed and silver won't save you. |
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02-20-2021, 01:42 PM | #7614 | |
**** you, you cretin.
Join Date: Jan 2012
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Quote:
Maybe somebody here has more knowledge, that’s why I ask.
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02-20-2021, 01:42 PM | #7615 | |
**** you, you cretin.
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Quote:
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02-20-2021, 01:47 PM | #7616 |
**** you, you cretin.
Join Date: Jan 2012
Casino cash: $448026
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I must not have got the joke :/
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02-20-2021, 01:50 PM | #7617 |
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No, it's not the same. When purchasing a stock you should have an expectation of return and the timeline. It's not guaranteed, that's why there's risk but you can use financial data of a company to forecast.
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02-20-2021, 02:01 PM | #7618 | |
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Location: Scott City KS
Casino cash: $464734
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Quote:
But it's an entirely different thing. The goal of a stock is maximize net earnings, suggesting long term growth. The goal of a commodity market is merely to standardize trading. Structurally they cannot continually rise like a stock has the possibility to. |
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02-20-2021, 02:31 PM | #7619 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
Casino cash: $438244
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Am I reading the home office tax write off stuff correctly. That it only applies to the self employed?
Wife and I have 2 dedicated offices, not bedrooms doubling as offices, but true office spaces. Was hoping there was some type of write off for that based on sq ft. |
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02-20-2021, 02:54 PM | #7620 | |
Politically Incorrect
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Quote:
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