scary numbers...

[DrewTJ]

why be normal

Hey Brian,

Try something totally different... Robin and I bought a motorhome and left the morg, the weeding and the roots behind. Haven't been on in a while so I'll post an update soon, but remember that whole living in a stationary box is not your only option

Steve

[blkTJ]

Hey Brian,

Try something totally different... Robin and I bought a motorhome and left the morg, the weeding and the roots behind. Haven't been on in a while so I'll post an update soon, but remember that whole living in a stationary box is not your only option

Steve

Steve, nice to see you're back.

[seapahn]

the intrest is not tax deductable, it is income deductable, big difference. if it were tax deductable then you would take it your taxes, not your income, so you do not really get it back, you get a percentage. However finacial instatutions want use to use the words Tax deductable so we think we get it back. That way they can fool all of america to do it.

Although I agree with you on the semantics of the term, I don't think they are trying to mislead anyone since that's the term also used by IRS. The definition of "Tax Deductable" is an item or expense subtracted from adjusted gross income to reduce the amount of income subject to tax.

Something that is directly subtracted from the tax itself is usually called a "credit".

[blkTJ]

Steve... I just saw your sig...

5" lift, 35" MT/Rs, Detroits f/r,SYE, 2LO,bellyup, cage...

nice work.

[aston]

Steve
_______________________
5" lift, 35" MT/Rs, Detroits f/r,SYE, 2LO,bellyup, cage... it did better than Aston's door on H2H . <><

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Last edited by DrewTJ : Yesterday at 10:11 AM.
Steve

You assmunch

Hoo HAH!



I think I broke a nail



Nice flex.

[blackZZR]

Igofshn, sadly 90 percent of refies are for 30 years, and they also do the stupid consolodate thing, then go out and ring up those cards again, and buy a new car again.
Seapahn, yes those are the definitions, but those are defs given by those who want to hide the truth, by letting us THINK they are tax deductable we feel better but in reality we get little back, and sadly yes, for 95 percent of America those are the only deductions they will ever have.
Now if you are useing thousands of dollars in intrest to save a few hundred dollars of taxes, you are doing what the bankers want you to do, give them free money
it would be like spending 100 dollars on a jacket so they give you a free set of gloves, when you can buy the jacket and gloves for 50 bucks, makes sense doesn't it. But we in America are trained to beleive if we have a mortage with 10,000 going to intrest that is good because we can save 1500 on our taxes. I would rather not have the mortage and pay the 1500. Saving 8500 sounds good to me.
Bankers make money by you borrowing, if that wasnt true then why do they spend millions to convince us to refie with them?

[igofshn]

When I refied, I did it for 15 years.

[rick]

Well, I think ZZR's point is that some people don't do it the right way. Brian's not stupid, so I think we're gonna be ok here. You are increasing your financial burden if you pay down a mortgage for say 7 years, refinance again at 30 years and throw in some cash out at the same time for a new car or something. If you figure out what that new car costs you in interest over 30 years, you'll probably kick your own ass. That's ZZR's point... I think refinancing to get cash out for depreciating toys is not very smart. When you take cash out and reduce the terms during a refinance, keeping a similar payment but putting investment cash in your hand, that might be a smart thing to do, depending on whether you can actually make more than the interest rate of the loan with the cash (plus something, or it's a wash and a waste of your time!) Just because your taxes are reduced by paying that interest, isn't it still better to NOT PAY THE BANK IN THE FIRST PLACE??? Doesn't that mean you don't have a mortgage payment when you don't have a tax writeoff for interest? What the hell is wrong with income you pay taxes on? We're all doing it every day. Well, I digress... My point is that spending a huge amount of money on debt is not very smart compared to paying taxes. I guess if you like bankers more than the IRS, it's a personal issue. Bottom line is, if I didn't have a mortgage right now I would have a lot more money in my pocket all tax issues considered. Having a mortgage is simply a necessary step to getting to the point where I own an asset without a mortgage the way I see it.

[Jeepinparothead]

Although I agree with you on the semantics of the term, I don't think they are trying to mislead anyone since that's the term also used by IRS. The definition of "Tax Deductable" is an item or expense subtracted from adjusted gross income to reduce the amount of income subject to tax.

Something that is directly subtracted from the tax itself is usually called a "credit".

Correct....I'm a tax accountant. Depending on Income. A 15 year mortgage is better. IMHO

[DrewTJ]

commence hijacking

Although this is totally hi-jacking the thread...

Thanks Brian, it has proved to be a great setup... besides I was just jealous of your 35s so I had to do a little tweaking. The belly up was a total pain, not to mention the pinion angle was whacked, but that is all taken care of. My DD now can do 4.5+ trails and at 75 on the highway it is perfectly straight and smooth.

As to Chris I couldn't help it, nice response though

[blackZZR]

Sorry about my hijack
I was only hopeing to point out that ,yes mortages are expensive, so do not make it worse.
the best thing you can do is pay a mortage off
do not let having a 10 to 20 thou deduction fool you into a refie, it is not smart to pay that amount for a small savings in taxes.

[blackZZR]

rick

you hit the nail on the head

paying 10 gs for a 1.5g tax savings is dumb
it is cheaper to pay the 1.5

own free and clear and poketing the mortage money is good

borrowing is a way to start, not live

one last thing, when 17 my father took me to a dealership, we figured it was going to cost me 156 dollars a month after my down, for 6 years to get the car I wanted, he then took the down and bought me a beater cash, I put 156 in the bank for 3 and 1/2 years, and paid cash for a new version of the car. then I started putting the payment for my next car in the bank. this was besides my savings plan.
shure it hurt the first 3 1/2 years driving a POS, but now I pay for my vehicles and the bank does not threaten me to reposses if I am late
plus 3 1/2 years are better than 6, well with current intresr rates better than 4 1/4