scaredycat in escrow….scared….

[scaredyclassic]

i talked with my wife. she read this thread. inf act she was going to post a response as “scaredy’swife” but suddenly just didnt want to be associated with me. i understand. she doesn’t look at houses on the internet. she’s too busy working as a doctorand tending the offspring. the only risk is me looking at places. I will need to unsubscribe from redfin and in fact i dont think i should be permitted any internet access for the next 5 years. she claims that while she’s lukewarm, she doesn’t think anything betetr is going to come along, and we have looked at a lot of places. i did talk with an old experienced guy yesterday who said “DO NOT BUY THIS HOUSE UNLESS SHE’S IN LOVE WITH IT. SPEND $200,000 MORE IF NECESSARY”.

[scaredyclassic]

as I understand it, there is ZERO TAX BENEFIT. I pay say $16,000 a year in interest, then 3,500 in prop taxes, 19.5k, but i get 11k now as a std deduction, so it’s really just 8.5k more, so 30% of 8.5k = 2500, which is less than the prop taxes i otherwise wouldnt have to pay. so NO TAX ADVANTAGE. why does everyone at work say I am getting a TAX BREAK?

[scaredyclassic]

as I understand it, there is ZERO TAX BENEFIT. I pay say $16,000 a year in interest, then 3,500 in prop taxes, 19.5k, but i get 11k now as a std deduction, so it’s really just 8.5k more, so 30% of 8.5k = 2500, which is less than the prop taxes i otherwise wouldnt have to pay. so NO TAX ADVANTAGE. why does everyone at work say I am getting a TAX BREAK?

[scaredyclassic]

as I understand it, there is ZERO TAX BENEFIT. I pay say $16,000 a year in interest, then 3,500 in prop taxes, 19.5k, but i get 11k now as a std deduction, so it’s really just 8.5k more, so 30% of 8.5k = 2500, which is less than the prop taxes i otherwise wouldnt have to pay. so NO TAX ADVANTAGE. why does everyone at work say I am getting a TAX BREAK?

[scaredyclassic]

as I understand it, there is ZERO TAX BENEFIT. I pay say $16,000 a year in interest, then 3,500 in prop taxes, 19.5k, but i get 11k now as a std deduction, so it’s really just 8.5k more, so 30% of 8.5k = 2500, which is less than the prop taxes i otherwise wouldnt have to pay. so NO TAX ADVANTAGE. why does everyone at work say I am getting a TAX BREAK?

[scaredyclassic]

as I understand it, there is ZERO TAX BENEFIT. I pay say $16,000 a year in interest, then 3,500 in prop taxes, 19.5k, but i get 11k now as a std deduction, so it’s really just 8.5k more, so 30% of 8.5k = 2500, which is less than the prop taxes i otherwise wouldnt have to pay. so NO TAX ADVANTAGE. why does everyone at work say I am getting a TAX BREAK?

[Nor-LA-SD-guy]

Maybe you just need a bigger house ??

more interest/prop-tax more == bigger-deduction

JJ

Not an expert on this one, that’s why I hire an accountant.

Well at least when you sell you can collect the cap gains tax free till 500K (if married)

[Nor-LA-SD-guy]

Maybe you just need a bigger house ??

more interest/prop-tax more == bigger-deduction

JJ

Not an expert on this one, that’s why I hire an accountant.

Well at least when you sell you can collect the cap gains tax free till 500K (if married)

[Nor-LA-SD-guy]

Maybe you just need a bigger house ??

more interest/prop-tax more == bigger-deduction

JJ

Not an expert on this one, that’s why I hire an accountant.

Well at least when you sell you can collect the cap gains tax free till 500K (if married)

[Nor-LA-SD-guy]

Maybe you just need a bigger house ??

more interest/prop-tax more == bigger-deduction

JJ

Not an expert on this one, that’s why I hire an accountant.

Well at least when you sell you can collect the cap gains tax free till 500K (if married)

[Nor-LA-SD-guy]

Maybe you just need a bigger house ??

more interest/prop-tax more == bigger-deduction

JJ

Not an expert on this one, that’s why I hire an accountant.

Well at least when you sell you can collect the cap gains tax free till 500K (if married)

[Anonymous]

Your internal monologue cracks me up. Anyways, your itemized tax deduction will be _significantly_ larger than your standard deduction. You’re only factoring in the $16k in interest right now, but when you itemize, you’re also allowed to account for other things: state income taxes paid, property tax, vehicle licensing fees, any medical expenses not covered by an HSA, charitible contributions, any points paid to initiate your loan, etc.

I wouldn’t be surprised to see your itemized deduction ending up being at least $25k — far more than your standard deduction.

[Anonymous]

Your internal monologue cracks me up. Anyways, your itemized tax deduction will be _significantly_ larger than your standard deduction. You’re only factoring in the $16k in interest right now, but when you itemize, you’re also allowed to account for other things: state income taxes paid, property tax, vehicle licensing fees, any medical expenses not covered by an HSA, charitible contributions, any points paid to initiate your loan, etc.

I wouldn’t be surprised to see your itemized deduction ending up being at least $25k — far more than your standard deduction.

[Anonymous]

Your internal monologue cracks me up. Anyways, your itemized tax deduction will be _significantly_ larger than your standard deduction. You’re only factoring in the $16k in interest right now, but when you itemize, you’re also allowed to account for other things: state income taxes paid, property tax, vehicle licensing fees, any medical expenses not covered by an HSA, charitible contributions, any points paid to initiate your loan, etc.

I wouldn’t be surprised to see your itemized deduction ending up being at least $25k — far more than your standard deduction.

[Anonymous]

Your internal monologue cracks me up. Anyways, your itemized tax deduction will be _significantly_ larger than your standard deduction. You’re only factoring in the $16k in interest right now, but when you itemize, you’re also allowed to account for other things: state income taxes paid, property tax, vehicle licensing fees, any medical expenses not covered by an HSA, charitible contributions, any points paid to initiate your loan, etc.

I wouldn’t be surprised to see your itemized deduction ending up being at least $25k — far more than your standard deduction.

[Author]

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