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#7621 |
I'll be back.
Join Date: Nov 2002
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Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts.
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Posts: 284,073
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#7622 | |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Quote:
Just borrow your comfort level on Monthly Payments and hold the line on the amount you borrow. Savings accounts don't pay shit sadly. |
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Posts: 51,524
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#7623 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Not worth it with rates this low. With your down payment and house price, your mortgage will be dirt cheap. Still makes sense to buy.
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Posts: 46,000
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#7624 |
BIG ME
Join Date: Jan 2012
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Nice tax write off too. **** paying rent.
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Posts: 29,738
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#7625 |
I'll be back.
Join Date: Nov 2002
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Posts: 284,073
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#7626 | |
I'll be back.
Join Date: Nov 2002
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Quote:
Just got pre approved for 15 year conventional for an amount that I actually need, not what they want to lube their loan cock with. |
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Posts: 284,073
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#7627 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Nah. You don’t get to write off home mortgage interest unless you itemize. Which after Tax Cuts and Jobs Act the standard deduction is super high and virtually nobody itemizes.
Even then you’re only deducting itemized expenses OVER what the standard deduction is. For instance, Clay, your standard deduction for 2020 is 12,400. If you make any money medical is probably kicked out as there is a 7.5% of AGI exemption. And state taxes (which would include your property tax, so as a single dude, that’s the one limit that isn’t halved for single dudes you might have something there, but whatever. Follow along) is limited to 10K. So in order to fully deduct your mortgage your SALT and contributions would have to equal 12,400. Here’s an example with made up numbers. 2020 Clay: Medial: $0 SALT: $2000 Home mortgage interest: $0 Contributions: $500 TOTAL Itemized: $2500. Clay is taking $12,400 Standard Deduction. 2021 Clay Medical: $0 SALT: $7,000 ($5k additional PPT) Home Mortgage: $8000 Contributions: $500 Total Itemized: 15,500. Clay itemizes $15500. Marginal additional “deductible” expense: $13,000 (plus principle, which is not deductible but still comes Out of your pocket and is probably in the neighborhood of 3-4K the first year) Marginal additional Tax Deduction: $3,100. If you can even hit itemized, it’s not a dollar for dollar deduction. Be careful relying too much on deducting anything. Don’t count too much on the deduction. Last edited by Buehler445; 02-20-2021 at 12:49 PM.. Reason: Name of the tax bill |
Posts: 57,475
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#7628 |
I'll be back.
Join Date: Nov 2002
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So there are no tax breaks for first-time homebuyers?
****. |
Posts: 284,073
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#7629 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
https://smartasset.com/taxes/first-t...yer-tax-credit FWIW, I'm pro-owning your own home. I'm just anti-bad financial decision making. Buy the house if you can afford it. If you get added benefits, book that as a bonus, don't count on it. |
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Posts: 57,475
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#7630 |
BIG ME
Join Date: Jan 2012
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Off topic...I’m thinking about buying silver. What are your guys’ thoughts?
Worth it? Not sure when will it actually become profitable. |
Posts: 29,738
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#7631 |
Beloved & Awesome CP Celebrity
Join Date: Aug 2000
Location: Florida
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Posts: 35,698
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#7632 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Quote:
100 Year Silver Chart. Check the numbers on the left Silver Prices - 100 Year Historical Chart 100 year DJIA (and that's not what's running hard now) Dow Jones - DJIA - 100 Year Historical Chart EDIT: You'll have to click the link. DON'T "Invest" in commodities. Bottom line the sister****ers trying to get you to invest in metals are hucksters. If the dollar fails we're all ****ed and silver won't save you. |
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Posts: 57,475
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#7633 |
BIG ME
Join Date: Jan 2012
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Posts: 29,738
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#7634 | |
BIG ME
Join Date: Jan 2012
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Quote:
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Posts: 29,738
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#7635 |
BIG ME
Join Date: Jan 2012
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I must not have got the joke :/
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Posts: 29,738
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