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  1. ace's n 8's

    ace's n 8's Porn Star

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    Hell, we got this loan in Feb. of '09, already owning the property.
     
    1. msman
      I am not going to get a loan. I quit that kind of thinking many years ago.
       
      msman, Oct 21, 2017
    2. ace's n 8's
      I like using other's money, I dont like writing the check out to pay for it, that's my wife's thing to do.
       
      ace's n 8's, Oct 22, 2017
    3. msman
      I like to use other people's money but they want people to pay back a lot more than they borrow.
      I would rather be the one collecting the extra money.
       
      msman, Oct 22, 2017
    4. ace's n 8's
      There ya go.
       
      ace's n 8's, Oct 22, 2017
    #21
  2. Milik_the_Red

    Milik_the_Red Porn Surfer

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    Bullshit. Federal monetary policy and taxes affect everything, including the cost of housing. If you suddenly pull the rug out from under every home owner in the nation, there WILL be a catistrophic cascade affect. Local government has set property taxes with the knowledge they will be deducted. Take that away and the home owners will be caught in the middle. Economics 101.
     
    #22
  3. RandyKnight

    RandyKnight Have Gun, Will Travel

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    Avg income dont write off tax or interest they just take normal deduction----

    The rich will be affected and those in the house range of mortgages, especially homes sold for between $358,000 and $676,000,

    Interest deduction a big selling ploy and then most find they can not use it....

    Despite the pre-sale hype, there are a significant number of homeowners who receive no tax break at all from the mortgage interest tax deduction. Keep in mind that, in order to even qualify for the deduction, homeowners must itemize their deductions when determining their income tax liability. Itemizing provides an opportunity to account for specific expenses, including mortgage interest, property taxes and medical expenses. Since mortgage interest is often the largest expense a taxpayer faces, deducting it is often cited as a financial incentive to buy a home.

    Once again, while an attractive idea in theory, the reality is that itemizing deductions doesn't make sense for everybody. First, the standard deduction amount is based on your tax filing status. Using 2011 data as an example, taxpayers who are single or married but filing separately, the standard deduction is $5,800. For heads of households, it is $8,500, and for married couples who file joint returns, the standard deduction is $11,600.
     
    • Like Like x 2
    1. deleted user 777 698
      Not to mention savvy young families plan well ahead of purchasing their home, they save a huge down payment and finance for as little of a term they can. Most young families can easily afford to take a 10 year mortgage. People spend whatever is left to spend after essential obligations and savings. So if you have a little higher mortgage payment you budget accordingly. You might take a lesser cell phone plan, you might not get that real fancy car with every option, you may switch to cheaper cuts of meats, if you're really smart you'll quit smoking and save a fortune in more ways than one. That would include smoking ANYTHING. Instead of a premium beer maybe Yuengling or Budweiser.. Maybe instead of Coke or Pepsi, water. Your figure will thank you. So don't be afraid to take a 10 year mortgage, not as difficult as you think. You'll save thousands upon thousands and by the time you need a bigger home you'll probably be able to pay cash for it.
       
      deleted user 777 698, Oct 22, 2017
      msman likes this.
    #23
  4. RandyKnight

    RandyKnight Have Gun, Will Travel

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    How much background do you have in real estate and where are you getting your info.....
     
    #24
  5. ace's n 8's

    ace's n 8's Porn Star

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    Bullshit, people are still going to live their lifestyles, money will still be made, careers will still be ongoing.

    Housing and the real estate market will still flourish as it has been for decades, markets have cycles, they always have, they always will.

    Are you trying to tell me that Trump, as a real estate mogul doesn't understand the market?
     
    #25
  6. ace's n 8's

    ace's n 8's Porn Star

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    You already know that answer Randy.
     
    1. conroe4
      Yes he does, and that's why I'm chortling.
       
      conroe4, Oct 22, 2017
    2. ace's n 8's
      Just what in the fuck is a ''chortling''?
       
      ace's n 8's, Oct 23, 2017
    3. conroe4
      It's a chuckle which is generated in the gut...kinda a cross between laughing and sneezing and burping, at the same time.

      Sometimes it gets wet. You're not from Texas take it.
       
      conroe4, Oct 23, 2017
    4. ace's n 8's
      Nope, drove through the State once...smelled a bit like cow shit.
       
      ace's n 8's, Oct 23, 2017
    5. conroe4
      Oh that, that was just ridge runner. He's down near the beach now. You're safe to drive through...

      Steer clear of Dallas. <nudges Randy>
       
      conroe4, Oct 23, 2017
    #26
  7. msman

    msman Porn Star Banned!

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    That is one of the reasons people voted for Trump. He has actual experience in many different areas than the other presidents, especially the last one, didn't have any idea about.
     
    • Like Like x 1
    #27
  8. Milik_the_Red

    Milik_the_Red Porn Surfer

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    It being a ploy isn’t correct in states where housing is truly expensive. Your values of 358000 to 67600 cover the majority of homes in Los Angeles and its surrounding areas. This is true for most big coastal cities. Personally, I’ll get butchered by this plan.

    The one thing I find hope in is that, there will be in option regarding the interest deduction, so one could still take it in leu of the standard, just as we do now, but remove my 9 k property tax deduction on top of that? People like me will suffer a great deal.

    A new tax system should help everyone. It shouldn’t rip the heart out of the middle classs.
     
    1. RandyKnight
      you are going to get a 12,000 standard deduction and if you are married it will be 24,000 ending
      the old marriage penalty....
       
      RandyKnight, Oct 22, 2017
      deleted user 777 698 likes this.
    #28
  9. RandyKnight

    RandyKnight Have Gun, Will Travel

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    Misconception 2
    Even for homeowners who itemize their taxes and qualify for the mortgage interest tax deduction, the amount of the deduction is a mere fraction of the amount of interest paid on the mortgage. Once again, a little number crunching is required to fully comprehend the situation because the deduction is not a tax credit - you don't get a $1 tax break for every dollar spent; you get pennies on the dollar. Unlike a credit, which provides a dollar-for-dollar reduction on actual tax amounts owed, the mortgage interest deduction reduces the amount of income subject to tax owed based on the taxpayer's tax bracket. (From community-based services to free software, there are many free resources to help with your taxes, read 6 Sources For Free Tax Help.)

    For example, a taxpayer spending $12,000 on mortgage interest and paying taxes at an individual income tax rate of 35% would be permitted to exclude $12,000 from income tax liability, resulting in a savings of $4,200. So, the homeowner paid $12,000 to the bank in interest in order get a third of that amount excluded from taxation.

    Mathematically, spending $12,000 to reduce the amount of money you will pay taxes on by $4,200 simply makes no sense. Worse yet, an honest assessment of the actual bottom-line savings should factor out the value of the standard deduction. The table below provides a comparison.

    Using our $12,000 mortgage interest example, a married couple in the 35% tax bracket would get an $11,600 standard deduction, which is worth $4,060 in reduced tax payments. If the couple itemized their deductions on Schedule A, the mortgage deduction would come to $4,200. Even without a mortgage interest deduction the taxpayer would get the standard deduction amount. The difference between the two - the value added by paying $12,000 real dollars to the bank in mortgage interest - is $140. (Not taking the standard deduction this year could save you hundreds of dollars. Check out An Overview Of Itemized Deductions for more.)

    Taxpayers in lower tax brackets get an even smaller benefit. A taxpayer spending $12,000 on mortgage interest and paying taxes at an individual income tax rate of 25% would receive only a $3,000 tax deduction. The "benefit" of the mortgage interest deduction is shown on the table below.

    Putting the numbers in greater context, The Tax Policy Center reports that, "The average value of the MID (mortgage interest deduction) rises steadily with income from $91, for those with annual incomes less than $40,000, to $5,459, for those making more than $250,000." The data shows that a tax deduction arguably put in place to encourage home purchases does not encourage the individuals on the margin between renting and owning. Instead, it is used most by taxpayers that itemize, which tend to be higher-income households. (Read about the political parties' differences in tax ideology, and how it can affect your paycheck.


    *not_secure_link*www.investopedia.c...e/11/calculate-the-mortgage-interest-math.asp
     
    • Like Like x 1
    #29
  10. Milik_the_Red

    Milik_the_Red Porn Surfer

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    No, I’m telling you he doesn’t give a shit if he hurts blue state residents, the fact that some of us aren’t actually democrats doesn’t register. We are just caught in the crosshairs of one of those vendettas he’s so famous for.

    This idea that somehow he market has corrected is irrelevant. His plan will create a whole new round of pain and our economy isn in a position to go through that again.
     
    #30
  11. ace's n 8's

    ace's n 8's Porn Star

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    Do you honestly know what the tax plan is?...hell no you dont, it's not policy yet.

    Coastal cities have a higher cost for the property only, not what actually sits on the property.

    People dont buy into the housing market with the pure illusion that the reason for the purchase is the tax deduction on the interest.
     
    #31
  12. ace's n 8's

    ace's n 8's Porn Star

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    Blah...blah...blah.

    I'll ask you this one question, it' is simple in nature.

    How much control does Trump have in creating and passing the policy?
     
    #32
  13. msman

    msman Porn Star Banned!

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    What I could never understand is why people would pay $12,000 to save $4,000.
    According to my math that is a good way to never come out ahead.
     
    #33
  14. Milik_the_Red

    Milik_the_Red Porn Surfer

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    It depends on the loan. As I sid though, the real pain will come from eliminating local property tax deductions. Mine is 9k, in addition to my mortgage interest. I’ll be hard pressed to get that back through any deduction change, and no home owner should be asked to risk the equity in their home when the market crashes.
     
    #34
  15. ace's n 8's

    ace's n 8's Porn Star

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    Welcome to Capitalism and the free markets my friend, there are no guarantees.
     
    #35
  16. justpassingthru

    justpassingthru No Rest For The Wicked Banned!

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    There is a "wisdom of the crowd" theory where you take many opinions, filter out the noise and what remains paints a pretty clear picture.

    Take a jar of jellybeans and ask 1000 people how many are in there and average out the numbers and you will be within 2-4% of the real number ...
     
    #36
  17. Milik_the_Red

    Milik_the_Red Porn Surfer

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    Blah blah?? That is your discussion point? You are shitting me, right?

    Now, I’ll be a better man and try to add something constructive. How much control does Trump have?

    The answer is, only as much as his Congress gives him. Regardless of whether he or his congress had the power is irrelevant. It’s a bad law and he as President is pushing it as a personal agenda. If they idiots who follow him go along, the will be the ones who face voter wrath when the smoke settles.
     
    #37
  18. ace's n 8's

    ace's n 8's Porn Star

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    You've been talking straight out of your ass on this entire thread, and you'll continue to do it, enjoy yourself troll.
     
    • Like Like x 1
    #38
  19. ace's n 8's

    ace's n 8's Porn Star

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    Is that what the scientific study has revealed to you?
     
    #39
  20. Milik_the_Red

    Milik_the_Red Porn Surfer

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    Lol. Well, that was as lame as I’ve ever seen, but so be it. My points have been valid.not my fault if you can’t refure them. Oh, and I’ve been called worse by people from both sides of the aisle.
     
    • Like Like x 1
    #40