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(former)FormerSanDiegan
ParticipantExcellent point flu. But only if the boy is actually able to see himself in this negative light.
Participant[quote=flu][quote=mike92104]I could support losing the tax credits for second homes. It amazes that that no one ever thinks about spending less money.[/quote]
What tax credits on second homes? I thought the mortgage interest rate deductions only apply the the first. At least, when it comes to AMT calculations.
Maybe I’m wrong. Enlighten me please.[/quote]
The regular tax code allows deduction of mortgage interest on both a primary residence and a second (e.g. vacation) home used for personal use (as opposed to rental property).
http://www.irs.gov/publications/p936/ar02.html
Not sure how a mortgage on a second home is treated for AMT. But, I suppose the majority of second home owners are subject to AMT.
Participant[quote=flu][quote=mike92104]I could support losing the tax credits for second homes. It amazes that that no one ever thinks about spending less money.[/quote]
What tax credits on second homes? I thought the mortgage interest rate deductions only apply the the first. At least, when it comes to AMT calculations.
Maybe I’m wrong. Enlighten me please.[/quote]
The regular tax code allows deduction of mortgage interest on both a primary residence and a second (e.g. vacation) home used for personal use (as opposed to rental property).
http://www.irs.gov/publications/p936/ar02.html
Not sure how a mortgage on a second home is treated for AMT. But, I suppose the majority of second home owners are subject to AMT.
Participant[quote=flu][quote=mike92104]I could support losing the tax credits for second homes. It amazes that that no one ever thinks about spending less money.[/quote]
What tax credits on second homes? I thought the mortgage interest rate deductions only apply the the first. At least, when it comes to AMT calculations.
Maybe I’m wrong. Enlighten me please.[/quote]
The regular tax code allows deduction of mortgage interest on both a primary residence and a second (e.g. vacation) home used for personal use (as opposed to rental property).
http://www.irs.gov/publications/p936/ar02.html
Not sure how a mortgage on a second home is treated for AMT. But, I suppose the majority of second home owners are subject to AMT.
Participant[quote=flu][quote=mike92104]I could support losing the tax credits for second homes. It amazes that that no one ever thinks about spending less money.[/quote]
What tax credits on second homes? I thought the mortgage interest rate deductions only apply the the first. At least, when it comes to AMT calculations.
Maybe I’m wrong. Enlighten me please.[/quote]
The regular tax code allows deduction of mortgage interest on both a primary residence and a second (e.g. vacation) home used for personal use (as opposed to rental property).
http://www.irs.gov/publications/p936/ar02.html
Not sure how a mortgage on a second home is treated for AMT. But, I suppose the majority of second home owners are subject to AMT.
Participant[quote=flu][quote=mike92104]I could support losing the tax credits for second homes. It amazes that that no one ever thinks about spending less money.[/quote]
What tax credits on second homes? I thought the mortgage interest rate deductions only apply the the first. At least, when it comes to AMT calculations.
Maybe I’m wrong. Enlighten me please.[/quote]
The regular tax code allows deduction of mortgage interest on both a primary residence and a second (e.g. vacation) home used for personal use (as opposed to rental property).
http://www.irs.gov/publications/p936/ar02.html
Not sure how a mortgage on a second home is treated for AMT. But, I suppose the majority of second home owners are subject to AMT.
ParticipantWhat I find interesting about this proposal is that on the surface they expect to get additional revenue, based on people’s mortgages today. However, if this tax law changed, don’t you think those affected would make changes ?
For example, one could choose to rent a similar property, and hold their existing house as a rental. A rental property is taxed as a business and the mortgage interest is a business expense. Getting rid of business expenses will be a much harder sell than limiting primary residence mortgage interest deduction.
If this change is made, people will adapt and there will be other unintended consequences. For example, higher end property values could decline significantly, resulting in lower property taxes and less money in Local/state Government coffers. SO, it’s likely that the long-term net result would be equivalent to the Federal Government taking funds from state/local governments.
It’s even possible that the net effect after taking into account people’s obvious response to lower their tax burden would be fewer dollars net going into government hands.ParticipantWhat I find interesting about this proposal is that on the surface they expect to get additional revenue, based on people’s mortgages today. However, if this tax law changed, don’t you think those affected would make changes ?
For example, one could choose to rent a similar property, and hold their existing house as a rental. A rental property is taxed as a business and the mortgage interest is a business expense. Getting rid of business expenses will be a much harder sell than limiting primary residence mortgage interest deduction.
If this change is made, people will adapt and there will be other unintended consequences. For example, higher end property values could decline significantly, resulting in lower property taxes and less money in Local/state Government coffers. SO, it’s likely that the long-term net result would be equivalent to the Federal Government taking funds from state/local governments.
It’s even possible that the net effect after taking into account people’s obvious response to lower their tax burden would be fewer dollars net going into government hands.ParticipantWhat I find interesting about this proposal is that on the surface they expect to get additional revenue, based on people’s mortgages today. However, if this tax law changed, don’t you think those affected would make changes ?
For example, one could choose to rent a similar property, and hold their existing house as a rental. A rental property is taxed as a business and the mortgage interest is a business expense. Getting rid of business expenses will be a much harder sell than limiting primary residence mortgage interest deduction.
If this change is made, people will adapt and there will be other unintended consequences. For example, higher end property values could decline significantly, resulting in lower property taxes and less money in Local/state Government coffers. SO, it’s likely that the long-term net result would be equivalent to the Federal Government taking funds from state/local governments.
It’s even possible that the net effect after taking into account people’s obvious response to lower their tax burden would be fewer dollars net going into government hands.ParticipantWhat I find interesting about this proposal is that on the surface they expect to get additional revenue, based on people’s mortgages today. However, if this tax law changed, don’t you think those affected would make changes ?
For example, one could choose to rent a similar property, and hold their existing house as a rental. A rental property is taxed as a business and the mortgage interest is a business expense. Getting rid of business expenses will be a much harder sell than limiting primary residence mortgage interest deduction.
If this change is made, people will adapt and there will be other unintended consequences. For example, higher end property values could decline significantly, resulting in lower property taxes and less money in Local/state Government coffers. SO, it’s likely that the long-term net result would be equivalent to the Federal Government taking funds from state/local governments.
It’s even possible that the net effect after taking into account people’s obvious response to lower their tax burden would be fewer dollars net going into government hands.ParticipantWhat I find interesting about this proposal is that on the surface they expect to get additional revenue, based on people’s mortgages today. However, if this tax law changed, don’t you think those affected would make changes ?
For example, one could choose to rent a similar property, and hold their existing house as a rental. A rental property is taxed as a business and the mortgage interest is a business expense. Getting rid of business expenses will be a much harder sell than limiting primary residence mortgage interest deduction.
If this change is made, people will adapt and there will be other unintended consequences. For example, higher end property values could decline significantly, resulting in lower property taxes and less money in Local/state Government coffers. SO, it’s likely that the long-term net result would be equivalent to the Federal Government taking funds from state/local governments.
It’s even possible that the net effect after taking into account people’s obvious response to lower their tax burden would be fewer dollars net going into government hands.ParticipantI don’t think it matters what agent you use.I doubt the seller would accept your offer, anyway.
You are like the young, beautiful bride who left them at the altar, then came back 20 pounds heavier and wanted to get married. Why would they agree to get married to you now ? You are less desirable and already dumped them once.
ParticipantI don’t think it matters what agent you use.I doubt the seller would accept your offer, anyway.
You are like the young, beautiful bride who left them at the altar, then came back 20 pounds heavier and wanted to get married. Why would they agree to get married to you now ? You are less desirable and already dumped them once.
ParticipantI don’t think it matters what agent you use.I doubt the seller would accept your offer, anyway.
You are like the young, beautiful bride who left them at the altar, then came back 20 pounds heavier and wanted to get married. Why would they agree to get married to you now ? You are less desirable and already dumped them once.
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