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Is there a % you get back when you claim an exemption on your taxes? I'm curious how much my income would increase if I bought a condo.
I'm not sure if this is what you are looking for, but ...
Your income won't increase, per se, but your tax return will.
Usually, when you own property, you itemize your tax deductions. That usually means you can deduct more expenses, such as property taxes (if I recall correctly), your mortgage interest and a few other things (ie charity deductions, medical expenses and, in your case, possibly educator expenses).
Of course, the benefits of deductions mean squat if you become "house poor."
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Sometimes you just gotta remember ...
I'm not sure if this is what you are looking for, but ...
Your income won't increase, per se, but your tax return will.
Usually, when you own property, you itemize your tax deductions. That usually means you can deduct more expenses, such as property taxes (if I recall correctly), your mortgage interest and a few other things (ie charity deductions, medical expenses and, in your case, possibly educator expenses).
Of course, the benefits of deductions mean squat if you become "house poor."
Yeah, I found some Condos for 128 built by KB. I'll need to find a roommate or a second job. I'll probably go the second job route.
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Originally Posted by HeavyB3
I wasn't serious in my post.. I don't really give a crap.
Jersey's right on target. Mortgage interest can be tax deductible, but only if you itemize deductions. I suggest you do the following:
1) download Schedule A from IRS
2) Go to amortization calculator (check show amortization schedule) and calculate how much interest you'd pay in a year for whatever size loan you'd be getting
3) Fill out schedule A and see how the total compares to your standard deduction (5150)
Yeah, I found some Condos for 128 built by KB. I'll need to find a roommate or a second job. I'll probably go the second job route.
Do yourself a favor. Live at home. Save your money for a year. And THEN buy a house.
Why?
For a year before I bought my house, I worked THREE jobs. I did a before school program from 7 a.m. to 8:30 a.m. Worked my "real" job from 8:45 a.m. til 4:30 p.m. (and on some nights and weekends). And then catered parties and weddings on the weekends and week nights when I wasn't working my "real" job. I was younger and driven and desperately wanted my own home.
I loved having my own home ... for the first year or two. Then, I resented it. I hated having to work two jobs and having no life, especially since I was single and had no one (other than my sister) to share my place with. And I hated that my sister (who lived with me for minimum rent) and her friends (mostly my cousins and brother) would enjoy sitting on their asses and watching college football on Saturdays while I was cleaning gutters, mowing the lawn and weeding the garden.
Maybe it's different for guys, but I doubt it.
I know living at home sucks, but take your time, Bryan. You have your entire life to be responsible. (Personally, I am getting more immature as the days go by and I FREAKING LOVE IT!)
__________________
Sometimes you just gotta remember ...
Do yourself a favor. Live at home. Save your money for a year. And THEN buy a house.
Why?
For a year before I bought my house, I worked THREE jobs. I did a before school program from 7 a.m. to 8:30 a.m. Worked my "real" job from 8:45 a.m. til 4:30 p.m. (and on some nights and weekends). And then catered parties and weddings on the weekends and week nights when I wasn't working my "real" job. I was younger and driven and desperately wanted my own home.
I loved having my own home ... for the first year or two. Then, I resented it. I hated having to work two jobs and having no life, especially since I was single and had no one (other than my sister) to share my place with. And I hated that my sister (who lived with me for minimum rent) and her friends (mostly my cousins and brother) would enjoy sitting on their asses and watching college football on Saturdays while I was cleaning gutters, mowing the lawn and weeding the garden.
Maybe it's different for guys, but I doubt it.
I know living at home sucks, but take your time, Bryan. You have your entire life to be responsible. (Personally, I am getting more immature as the days go by and I FREAKING LOVE IT!)
Well, I can't stand living at home anymore. Parents fight, sister is a bitch. Gotta get out. Besides its a condo, no outside maintenance.
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Originally Posted by HeavyB3
I wasn't serious in my post.. I don't really give a crap.
Well, I can't stand living at home anymore. Parents fight, sister is a bitch. Gotta get out. Besides its a condo, no outside maintenance.
If you gotta get out, then RENT. Yeah, I know. It seems like you're throwing away money; but, really, do yourself a favor. Don't go from zero to 60 in three seconds.
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Sometimes you just gotta remember ...
If you gotta get out, then RENT. Yeah, I know. It seems like you're throwing away money; but, really, do yourself a favor. Don't go from zero to 60 in three seconds.
Seriously.... My mortgage on this place would be CHEAPER than rent at most places............................................ .. Why would I want to pay more and not get anything out of it?
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Originally Posted by HeavyB3
I wasn't serious in my post.. I don't really give a crap.
Seriously.... My mortgage on this place would be CHEAPER than rent at most places............................................ .. Why would I want to pay more and not get anything out of it?
The key word is "most" places. Just make sure you factor in property taxes, repairs and all that other fun crap.
Personally, having to take on a roommate would be a serious downer for me. Sometimes living with a roommate can be worse than living with your parents.
I'm not trying to discourage you. Just telling you what everyone told me when I was in your shoes.
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Sometimes you just gotta remember ...
The key word is "most" places. Just make sure you factor in property taxes, repairs and all that other fun crap.
Personally, having to take on a roommate would be a serious downer for me. Sometimes living with a roommate can be worse than living with your parents.
I'm not trying to discourage you. Just telling you what everyone told me when I was in your shoes.
Plus, lets say hell froze over and I met a girl. What am I supposed to say? "Wanna go to my parents house?"
I hate living at home and i'm to the point where if I don't leave, I may kill them all.
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Originally Posted by HeavyB3
I wasn't serious in my post.. I don't really give a crap.
You'll be paying $1100-$1200 a month just for your mortgage. That's a spendy apartment. I've known a few people that have bought condos and they've all had the worst time trying to unload them. Maybe it's a trend for younger folks now with the housing costs hitting the roofs? Maybe these condos will end up like 70's swinging apartment complexs?
Hell, why not.. you may become Larry Dallas!
Cosmic Defender Champion!
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