Yes, I know the idea was to incentivize purchasing homes. But now, renting is as high as a mortgage. We can't afford homes!
The deduction is on the mortgage interest. Yes.
My current apt I rent is 1750.
Tthe equivalent home price for someone paying $1,750 in monthly rent is approximately $315,700. This estimate considers a 5% mortgage interest rate, a 20% down payment, and annual property taxes and insurance amounting to 1.5% of the home price.
Have you ever owned a house? Many states have first time buyers loans available with little or even nothing, down. It's a good way to get on the property ladder. Another option many states offer is a low or no down loan on property purchased in rural areas, usually in a town or county with no more than X number of people. Another good way to get started. I know that rents are outrageous, but so are interest rates right now. Once Trump is back, it will get better. If you can, hang in there. If you're a single guy or gal, you could consider buying and renting getting a couple of room mates to help pay the mortgage. Doesn't have to be forever, even just a couple of years can help a lot and make a big difference in your life's trajectory. Lastly, you could consider buying through someone who is able to offer owner financing. The only problem with that is the choices are limited because few people can do that. (They have to own the house free and clear.) If you're handy, you could consider a fixer upper to get some sweat equity. All I'm saying here is, please don't feel defeated. Our country has been down this road before. Think of the Jimmy Carter era and the people paying 18% interest rates to buy a house.
Because you don't deduct the mortgage, you deduct the interest on the mortgage.
Ya, read my comment in this thread.
This is stupid
State of Indiana allows you to deduct $3000 of ur taxable income off for rent. That’s it, but it’s something!
TAXATION IS THEFT
Taxes are class warfare.
The rich buy tax loopholes & use professionals to maximize tax breaks.
There is the standard deduction. Not everyone with a mortgage exceeds the standard deduction.
Yes, I know the idea was to incentivize purchasing homes. But now, renting is as high as a mortgage. We can't afford homes!
The deduction is on the mortgage interest. Yes.
My current apt I rent is 1750.
Tthe equivalent home price for someone paying $1,750 in monthly rent is approximately $315,700. This estimate considers a 5% mortgage interest rate, a 20% down payment, and annual property taxes and insurance amounting to 1.5% of the home price.
They raised the standard deduction, and I don't get to write off my interest payments on my mortgage anymore. It's only 2.9% anyway.
We are paying 1995 rent for a house, and we don't have any write-offs. The Standard deduction covers us. A curse of being debt-free, no write-offs.
Yes, they disincentive being debt free.
Have you ever owned a house? Many states have first time buyers loans available with little or even nothing, down. It's a good way to get on the property ladder. Another option many states offer is a low or no down loan on property purchased in rural areas, usually in a town or county with no more than X number of people. Another good way to get started. I know that rents are outrageous, but so are interest rates right now. Once Trump is back, it will get better. If you can, hang in there. If you're a single guy or gal, you could consider buying and renting getting a couple of room mates to help pay the mortgage. Doesn't have to be forever, even just a couple of years can help a lot and make a big difference in your life's trajectory. Lastly, you could consider buying through someone who is able to offer owner financing. The only problem with that is the choices are limited because few people can do that. (They have to own the house free and clear.) If you're handy, you could consider a fixer upper to get some sweat equity. All I'm saying here is, please don't feel defeated. Our country has been down this road before. Think of the Jimmy Carter era and the people paying 18% interest rates to buy a house.