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November 11, 2007 at 12:03 PM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98489November 11, 2007 at 12:03 PM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98500
Bloat
ParticipantDirected to Porky,
Wow, there’s a shot across my bow, you sensitive fellow you. Where’s the veiled racial undertones that speak volumes? You don’t know me. I see it like it is. The subject’s gardening income was suspiciously not quantified.November 11, 2007 at 12:03 PM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98506ParticipantDirected to Porky,
Wow, there’s a shot across my bow, you sensitive fellow you. Where’s the veiled racial undertones that speak volumes? You don’t know me. I see it like it is. The subject’s gardening income was suspiciously not quantified.November 11, 2007 at 11:11 AM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98410ParticipantYou’re not considering:
1. He has 4 kids which means he qualifies for more government benefits paid for by the taxpayer and creates enough exemptions so that he pays zero income taxes but actually gets a credit back.
and
2. His second job as a gardener, which likely produces a qood chunk of unreported income.
Of course he can qualify (at my expense).
November 11, 2007 at 11:11 AM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98473ParticipantYou’re not considering:
1. He has 4 kids which means he qualifies for more government benefits paid for by the taxpayer and creates enough exemptions so that he pays zero income taxes but actually gets a credit back.
and
2. His second job as a gardener, which likely produces a qood chunk of unreported income.
Of course he can qualify (at my expense).
November 11, 2007 at 11:11 AM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98483ParticipantYou’re not considering:
1. He has 4 kids which means he qualifies for more government benefits paid for by the taxpayer and creates enough exemptions so that he pays zero income taxes but actually gets a credit back.
and
2. His second job as a gardener, which likely produces a qood chunk of unreported income.
Of course he can qualify (at my expense).
November 11, 2007 at 11:11 AM in reply to: Anyone else see problems here? $30,000 income buys $316,000 house? #98490ParticipantYou’re not considering:
1. He has 4 kids which means he qualifies for more government benefits paid for by the taxpayer and creates enough exemptions so that he pays zero income taxes but actually gets a credit back.
and
2. His second job as a gardener, which likely produces a qood chunk of unreported income.
Of course he can qualify (at my expense).
November 4, 2007 at 9:42 PM in reply to: Payoff Mortgage in 1/3 the time without doing anything different? #95673ParticipantWow !,
I googled the company and there is a whole MLM force out there promoting this scam product, @ $3500 a pop! (Jumby, you sell’n it?). Interest is interest, you don’t need to spend $3500 to tabulate the future value of interest saved by making an early payment.
I could be so much richer . . . if I was dishonest enough to sell products like this.
Bloat (CPA)
November 4, 2007 at 9:42 PM in reply to: Payoff Mortgage in 1/3 the time without doing anything different? #95732ParticipantWow !,
I googled the company and there is a whole MLM force out there promoting this scam product, @ $3500 a pop! (Jumby, you sell’n it?). Interest is interest, you don’t need to spend $3500 to tabulate the future value of interest saved by making an early payment.
I could be so much richer . . . if I was dishonest enough to sell products like this.
Bloat (CPA)
November 4, 2007 at 9:42 PM in reply to: Payoff Mortgage in 1/3 the time without doing anything different? #95738ParticipantWow !,
I googled the company and there is a whole MLM force out there promoting this scam product, @ $3500 a pop! (Jumby, you sell’n it?). Interest is interest, you don’t need to spend $3500 to tabulate the future value of interest saved by making an early payment.
I could be so much richer . . . if I was dishonest enough to sell products like this.
Bloat (CPA)
November 4, 2007 at 9:42 PM in reply to: Payoff Mortgage in 1/3 the time without doing anything different? #95746ParticipantWow !,
I googled the company and there is a whole MLM force out there promoting this scam product, @ $3500 a pop! (Jumby, you sell’n it?). Interest is interest, you don’t need to spend $3500 to tabulate the future value of interest saved by making an early payment.
I could be so much richer . . . if I was dishonest enough to sell products like this.
Bloat (CPA)
ParticipantI’ve been looking at the post by “CMRJoe” (or maybe both of you) with similar numbers & situation, but he is married. Your deduction would be only $5150.
ParticipantI’ve been looking at the post by “CMRJoe” (or maybe both of you) with similar numbers & situation, but he is married. Your deduction would be only $5150.
ParticipantI’ve been looking at the post by “CMRJoe” (or maybe both of you) with similar numbers & situation, but he is married. Your deduction would be only $5150.
ParticipantLikely a greater deduction,
As a homeowner your itemized deductions need to exceed the default standard deduction for a married couple ($10,300) before you see a benefit. You probably had Int/St.Taxes/RE Taxes totaling around $16k? (best guess), so the benefit would be a write off of the difference of $5700 (maybe $120/month savings for you?). Schedule E losses (rental property) reduces your top line income regardless of your deductions.
Many first time home buyers think they will get a big tax benefit, but with low starter interest rates and a low income they may not get any benefit at all.
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