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  • February 27, 2009 at 5:27 PM #357250
    AK
    Participant

    IMO this will affect maybe five of the 50 states. For most Americans the mortgage interest deduction is a non-issue … IIRC this was even proposed by George W. Bush’s own tax-reform panel back in ’05.

    Of course California is a different story because of rampant excess “investment” in granite countertops and multi-story backyard palapas.

    And someone has to pay for the obscenely expensive bailouts, jumbo conforming / jumbo FHA loans, and other programs designed to prop up high-end real estate prices.

    February 27, 2009 at 5:37 PM #356680
    UCGal
    Participant

    I posted my views on another blog, but I’ll restate them here…

    I bought my house for shelter. Not for an investment. Not for a tax shelter…. but shelter for my family in the form of a roof. I’m 6 years into a 15 year mortgage and so my deduction is shrinking every year. My goal is to have a house that I own outright – no mortgage payments. Obviously – the longer I pay into the mortgage, the less interest, more principal I pay.

    Unless you refinance frequently – that’s true for most of us… interest deductions go away over time.

    If they give me the deduction, great… I’ll take it. But it was not a deciding factor on whether to buy a house. Long term stability was.

    I don’t think I’m that unusual in my attitudes… well maybe in California I am… no one seems to pay off their mortgage out here… but my attitude is shared among my friends in other parts of the country.

    February 27, 2009 at 5:37 PM #357149
    UCGal
    Participant

    I posted my views on another blog, but I’ll restate them here…

    I bought my house for shelter. Not for an investment. Not for a tax shelter…. but shelter for my family in the form of a roof. I’m 6 years into a 15 year mortgage and so my deduction is shrinking every year. My goal is to have a house that I own outright – no mortgage payments. Obviously – the longer I pay into the mortgage, the less interest, more principal I pay.

    Unless you refinance frequently – that’s true for most of us… interest deductions go away over time.

    If they give me the deduction, great… I’ll take it. But it was not a deciding factor on whether to buy a house. Long term stability was.

    I don’t think I’m that unusual in my attitudes… well maybe in California I am… no one seems to pay off their mortgage out here… but my attitude is shared among my friends in other parts of the country.

    February 27, 2009 at 5:37 PM #357262
    UCGal
    Participant

    I posted my views on another blog, but I’ll restate them here…

    I bought my house for shelter. Not for an investment. Not for a tax shelter…. but shelter for my family in the form of a roof. I’m 6 years into a 15 year mortgage and so my deduction is shrinking every year. My goal is to have a house that I own outright – no mortgage payments. Obviously – the longer I pay into the mortgage, the less interest, more principal I pay.

    Unless you refinance frequently – that’s true for most of us… interest deductions go away over time.

    If they give me the deduction, great… I’ll take it. But it was not a deciding factor on whether to buy a house. Long term stability was.

    I don’t think I’m that unusual in my attitudes… well maybe in California I am… no one seems to pay off their mortgage out here… but my attitude is shared among my friends in other parts of the country.

    February 27, 2009 at 5:37 PM #357123
    UCGal
    Participant

    I posted my views on another blog, but I’ll restate them here…

    I bought my house for shelter. Not for an investment. Not for a tax shelter…. but shelter for my family in the form of a roof. I’m 6 years into a 15 year mortgage and so my deduction is shrinking every year. My goal is to have a house that I own outright – no mortgage payments. Obviously – the longer I pay into the mortgage, the less interest, more principal I pay.

    Unless you refinance frequently – that’s true for most of us… interest deductions go away over time.

    If they give me the deduction, great… I’ll take it. But it was not a deciding factor on whether to buy a house. Long term stability was.

    I don’t think I’m that unusual in my attitudes… well maybe in California I am… no one seems to pay off their mortgage out here… but my attitude is shared among my friends in other parts of the country.

    February 27, 2009 at 5:37 PM #356986
    UCGal
    Participant

    I posted my views on another blog, but I’ll restate them here…

    I bought my house for shelter. Not for an investment. Not for a tax shelter…. but shelter for my family in the form of a roof. I’m 6 years into a 15 year mortgage and so my deduction is shrinking every year. My goal is to have a house that I own outright – no mortgage payments. Obviously – the longer I pay into the mortgage, the less interest, more principal I pay.

    Unless you refinance frequently – that’s true for most of us… interest deductions go away over time.

    If they give me the deduction, great… I’ll take it. But it was not a deciding factor on whether to buy a house. Long term stability was.

    I don’t think I’m that unusual in my attitudes… well maybe in California I am… no one seems to pay off their mortgage out here… but my attitude is shared among my friends in other parts of the country.

    February 27, 2009 at 5:43 PM #356690
    jpinpb
    Participant

    Not necessarily on this blog, but I can’t count how many times it’s been reiterated to me that I should buy b/c it’s a tax write-off. And I’m self-employed and have plenty of tax write-offs. But the consensus out there is that real estate isn’t a shelter. It’s an investment and it’s a write-off – and in the last cycle, it was also like a casino. Gambling fools.

    UCGal – you sound too level-headed clearly to have this new law affect you in the least. It will affect people that have the mentality to buy for investment and write-off – which apparently was a high percentage this last cycle, hence the mess we’re in, at least here. It is not like this in most of the U.S., but the bubble states are another story.

    February 27, 2009 at 5:43 PM #357272
    jpinpb
    Participant

    Not necessarily on this blog, but I can’t count how many times it’s been reiterated to me that I should buy b/c it’s a tax write-off. And I’m self-employed and have plenty of tax write-offs. But the consensus out there is that real estate isn’t a shelter. It’s an investment and it’s a write-off – and in the last cycle, it was also like a casino. Gambling fools.

    UCGal – you sound too level-headed clearly to have this new law affect you in the least. It will affect people that have the mentality to buy for investment and write-off – which apparently was a high percentage this last cycle, hence the mess we’re in, at least here. It is not like this in most of the U.S., but the bubble states are another story.

    February 27, 2009 at 5:43 PM #356995
    jpinpb
    Participant

    Not necessarily on this blog, but I can’t count how many times it’s been reiterated to me that I should buy b/c it’s a tax write-off. And I’m self-employed and have plenty of tax write-offs. But the consensus out there is that real estate isn’t a shelter. It’s an investment and it’s a write-off – and in the last cycle, it was also like a casino. Gambling fools.

    UCGal – you sound too level-headed clearly to have this new law affect you in the least. It will affect people that have the mentality to buy for investment and write-off – which apparently was a high percentage this last cycle, hence the mess we’re in, at least here. It is not like this in most of the U.S., but the bubble states are another story.

    February 27, 2009 at 5:43 PM #357133
    jpinpb
    Participant

    Not necessarily on this blog, but I can’t count how many times it’s been reiterated to me that I should buy b/c it’s a tax write-off. And I’m self-employed and have plenty of tax write-offs. But the consensus out there is that real estate isn’t a shelter. It’s an investment and it’s a write-off – and in the last cycle, it was also like a casino. Gambling fools.

    UCGal – you sound too level-headed clearly to have this new law affect you in the least. It will affect people that have the mentality to buy for investment and write-off – which apparently was a high percentage this last cycle, hence the mess we’re in, at least here. It is not like this in most of the U.S., but the bubble states are another story.

    February 27, 2009 at 5:43 PM #357159
    jpinpb
    Participant

    Not necessarily on this blog, but I can’t count how many times it’s been reiterated to me that I should buy b/c it’s a tax write-off. And I’m self-employed and have plenty of tax write-offs. But the consensus out there is that real estate isn’t a shelter. It’s an investment and it’s a write-off – and in the last cycle, it was also like a casino. Gambling fools.

    UCGal – you sound too level-headed clearly to have this new law affect you in the least. It will affect people that have the mentality to buy for investment and write-off – which apparently was a high percentage this last cycle, hence the mess we’re in, at least here. It is not like this in most of the U.S., but the bubble states are another story.

    February 27, 2009 at 5:59 PM #357015
    partypup
    Participant

    People: our govenment is TRYING to crash our economy. Don’t you get it yet?

    If you were an individual with a 30K annual salary and 200K in consumer debt — all your credit cards virtually maxed out — what would you do? I’ll tell you: you would run up a tab on the last few cards with any credit availability, by all the shit you could, then file Chapter 7.

    That’s the American way.

    And that’s what our government is now doing. They know there is no other way out of this. They know that we can’t even begin to service the debt payments on the monster they are creating. They are now willingly accelerating the crash to get it over with.

    DEFAULT OR MASSIVE DOLLAR DEVALUATION COMING THIS YEAR.

    Count on it.

    February 27, 2009 at 5:59 PM #356710
    partypup
    Participant

    People: our govenment is TRYING to crash our economy. Don’t you get it yet?

    If you were an individual with a 30K annual salary and 200K in consumer debt — all your credit cards virtually maxed out — what would you do? I’ll tell you: you would run up a tab on the last few cards with any credit availability, by all the shit you could, then file Chapter 7.

    That’s the American way.

    And that’s what our government is now doing. They know there is no other way out of this. They know that we can’t even begin to service the debt payments on the monster they are creating. They are now willingly accelerating the crash to get it over with.

    DEFAULT OR MASSIVE DOLLAR DEVALUATION COMING THIS YEAR.

    Count on it.

    February 27, 2009 at 5:59 PM #357179
    partypup
    Participant

    People: our govenment is TRYING to crash our economy. Don’t you get it yet?

    If you were an individual with a 30K annual salary and 200K in consumer debt — all your credit cards virtually maxed out — what would you do? I’ll tell you: you would run up a tab on the last few cards with any credit availability, by all the shit you could, then file Chapter 7.

    That’s the American way.

    And that’s what our government is now doing. They know there is no other way out of this. They know that we can’t even begin to service the debt payments on the monster they are creating. They are now willingly accelerating the crash to get it over with.

    DEFAULT OR MASSIVE DOLLAR DEVALUATION COMING THIS YEAR.

    Count on it.

    February 27, 2009 at 5:59 PM #357291
    partypup
    Participant

    People: our govenment is TRYING to crash our economy. Don’t you get it yet?

    If you were an individual with a 30K annual salary and 200K in consumer debt — all your credit cards virtually maxed out — what would you do? I’ll tell you: you would run up a tab on the last few cards with any credit availability, by all the shit you could, then file Chapter 7.

    That’s the American way.

    And that’s what our government is now doing. They know there is no other way out of this. They know that we can’t even begin to service the debt payments on the monster they are creating. They are now willingly accelerating the crash to get it over with.

    DEFAULT OR MASSIVE DOLLAR DEVALUATION COMING THIS YEAR.

    Count on it.

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