Taxs?

[onfire]

Tax's?

(No Politics) Had my tax's done today and my accountant told me the interest on mortgage can not be used as a deduction next year. I really don't care, but he said many people who except a 2 to 3 thousand refund will be getting 0 next year.

Funny I haven't heard this on any media. I guess everyone likes a surprise once in a while

 

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[smokeythecat]

I haven't heard that, but if true, welcome to the GREATEST depression!

 

[Limitool]

Zero is good .... In fact its the best it gets. At least the Feds won't be able to keep any of it toward an Obamacare fine.

 

[DeepseekerADS]

This change in law is true, and just wait till your kids inherit your property! 35% tax....

 

[Rebel - KGC]

DJ, Play TAXMAN by the Beatles... THANKS!

 

[TheRingFinder]

Better pay off that house quickly!!!!! Go Oba < - - Oops, almost said something political, sorry bout that!

 

[DeepseekerADS]

DJ, Play TAXMAN by the Beatles... THANKS!

 

[Rebel - KGC]

THANKS!

 

[Dave44]

Wow, I was aware it was in the works but I didn't know it had passed! That's gonna hurt my profession ,ALOT. Like we needed another reason to go broke. By the way. I got a notice from a few suppliers that building material prices are going up 5-10% in March. One of the reasons they cite is healthcare costs going up.

SO the housing prices are driving down because of this interest deduction and the fact that it is getting harder to get a Mortgage. The prices of materials are going up. The prices of Labor going up for many political reasons.

If you want an addition, a remodel, or a new house you better jump on it now! Oh, and bring cash!

 

[Treasure_Hunter]

Please post a link to that morgage interest tax change.... unable to find it....







American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[onfire]

Please post a link to that morgage interest tax change.... unable to find it....







American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

Th This is what I was told by my accountant I called another one who is a cpa and he said no so I will dig a little deeper Or who do you believe I can't see why he'd lie?

 

[onfire]

Please post a link to that morgage interest tax change.... unable to find it....







American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

Th This is what I was told by my accountant I called another one who is a cpa and he said no so I will dig a little deeper Or who do you believe I can't see why he'd lie?
Mortgage insurance premiums: Currently, homeowners are able to deduct their mortgage insurance premiums as residence interest. About 4.2 million taxpayers claimed the tax break in 2010, deducting a total of $5.6 billion in mortgage insurance premiums, according to H&R Block.

NEW YORK - Dozens of popular tax breaks are on the verge of disappearing.
Credits and deductions benefiting everyone from teachers and students to homeowners are scheduled to expire at the end of the year, unless Congress extends them.
Here are eight of the tax breaks that will be missed the most, and how you can take advantage of them before it's too late.




​

 

[Treasure_Hunter]

I checked with 2 CPAs and they told me no...






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[dieselram94]

Most cant deduct the interest anyways because they don't go long form...
If I said what I really think about taxes it wouldn't be pretty...

 

[Treasure_Hunter]

Most cant deduct the interest anyways because they don't go long form...
If I said what I really think about taxes it wouldn't be pretty...

We do the long form..........






American by birth, Patriot by choice.

I would rather die standing on my two feet defending our Constitution than live a lifetime on my knees......

 

[dieselram94]

When I had my rental apartments I used to go long form. After selling those I only do short form.

 

[DeepseekerADS]

Yep, I was wrong, it is deductible. Perhaps the urban legend sprouted from the hysteria against Ocare.

excerpt:

IRS Publication 936

Part I. Home Mortgage Interest

This part explains what you can deduct as home mortgage interest. It includes discussions on points, mortgage insurance premiums, and how to report deductible interest on your tax return.

Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan.

You can deduct home mortgage interest if all the following conditions are met.

You file Form 1040 and itemize deductions on Schedule A (Form 1040).

The mortgage is a secured debt on a qualified home in which you have an ownership interest. Secured Debt and Qualified Home are explained later.


Both you and the lender must intend that the loan be repaid.
Fully deductible interest. In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds.

If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category.) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct.

The three categories are as follows.

Mortgages you took out on or before October 13, 1987 (called grandfathered debt).

Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately).

Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2).

I also found that the inheritance 35% tax is a myth as well. However, some states also tax inheritances:

Where Not To Die In 2013 - Forbes

 

[diggummup]

Time for a new accountant, sounds like.

 

[Dave44]

Whew! I didn't need that on top of the rest! Makes me want to become a politician,, it's the only safe job left, If you can talk fast enough.

Congress was tossing this around a few years ago, I think? It is a European model of tax fairness that only the people that work the hardest should pay,, or something like that. I don't believe they allow the deductions,, Knowing our government is licking their lips about all that money out there, it's hard not to believe it will happen.

Tell you what,, let's revisit this post in 4 years and see where it is then. TH,, Can you put a reminder alert on it? lololol

 

[dieselram94]

Whew! I didn't need that on top of the rest! Makes me want to become a politician,, it's the only safe job left, If you can talk fast enough.

Congress was tossing this around a few years ago, I think? It is a European model of tax fairness that only the people that work the hardest should pay,, or something like that. I don't believe they allow the deductions,, Knowing our government is licking their lips about all that money out there, it's hard not to believe it will happen.

Tell you what,, let's revisit this post in 4 years and see where it is then. TH,, Can you put a reminder alert on it? lololol

I don't think it will take 4 years... how about just after Obama's successor is elected but before he takes office... obama got everything else he wanted...

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