Home › Forums › Housing › Help! – I rent and landlord wants to sell to me › When you are calculating tax
When you are calculating tax savings don’t forget that you will be giving up your standard deduction of $5000 as a single or $10,000 as a couple
So instead of gaining tax benefits as a homedebtor you are actually LOSING your standard deduction!!!
That’s $416/mo and $833/mo LOSS, LOSS, LOSS!!!!
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Sorry, but many people seem to ignore this lost tax benefit when they are trying to justify buying an overpriced property in a declining market
