General Discussion

SheilaT

(23,156 posts)

36. Not sure I entirely follow you here.

Sun Sep 9, 2012, 10:39 PM

Sep 2012

In my case, I'm spending just about exactly (a little less) in mortgage as I was in rent. My absolutely number one priority every time we bought a house when I was married, was that we could afford the payment without caring about a tax deduction. I'm not sure a larger house payment puts more money into public investments. Larger house payments certainly enriched a lot of bankers.

And the housing bubble we had recently was the very bad side of the idea that people should take out very large mortgages because housing prices would invariably go up.

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One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all] WCGreen Sep 2012 OP

23.6 decades since independence from Britain. Bluenorthwest Sep 2012 #1

Thanks, I originally was going to say years and then I forgot when I went over WCGreen Sep 2012 #3

I don't have a dog in this fight, being too poor to ever qualify for a mortgage. kestrel91316 Sep 2012 #2

Thank you for this good info... CaliforniaPeggy Sep 2012 #4

The problem is more valuation than cash flow cthulu2016 Sep 2012 #5

Ru Rogh. I hope OP paid attention. lonestarnot Sep 2012 #8

I am sure wcgreen knows more about practical tax issues than I do cthulu2016 Sep 2012 #9

Of course it is based on cash flow... WCGreen Sep 2012 #17

I think we may be talking past each other cthulu2016 Sep 2012 #35

The value of the house is based on the cost of interest. WCGreen Sep 2012 #21

I know a lot of people, ohheckyeah Sep 2012 #6

It kept a roof over my head for the whole Bush administration cthulu2016 Sep 2012 #7

It's the problem with uncertainty. Igel Sep 2012 #14

It won't happen. cloudbase Sep 2012 #10

Tax the shit out of the rich 1st. Close corporate loop holes. xchrom Sep 2012 #11

amen warrior1 Sep 2012 #12

Wait a minute brush Sep 2012 #13

You got me... WCGreen Sep 2012 #16

I am serious brush Sep 2012 #22

I'm presenting facts as to why the Republicans are putting this out as a possible WCGreen Sep 2012 #23

thanks BlueToTheBone Sep 2012 #24

Thanks also brush Sep 2012 #40

I have never understood people who SheilaT Sep 2012 #15

It does two things, it puts more money into the economy because of increasing WCGreen Sep 2012 #19

Not sure I entirely follow you here. SheilaT Sep 2012 #36

Investors in real estate development like to see stability and stability in WCGreen Sep 2012 #39

And there would probably be a lot more stability if SheilaT Sep 2012 #42

But the lower the interest rates available now means more people are paying more WCGreen Sep 2012 #43

as a person without kids, mortgage deduction allowed me to itemize Liberal_in_LA Sep 2012 #32

I've been doing our own taxes for 6 or 7 years with TurboTax. The interest rate deduction mnhtnbb Sep 2012 #18

Of course it is always tied to your tax rate... WCGreen Sep 2012 #20

It's always cheaper for me to use the EZ form instead of itemizing. nt NashvilleLefty Sep 2012 #25

Were going in the wrong direction DJ13 Sep 2012 #26

if this is gonna happen, at least you have to grandfather existing mortgages. unblock Sep 2012 #27

if you... RainbowOverTexas Sep 2012 #29

Black cloud over texas RegieRocker Sep 2012 #34

I'm with you, Rainbow. SheilaT Sep 2012 #37

well then why bother with mortgages at all? just pay cash. after all, you could lose your job. unblock Sep 2012 #38

Deducting interest payments from taxes began in 1913 SOS Sep 2012 #41

Seriously what is this crap? RegieRocker Sep 2012 #28

You know, it does give millions of people a stake in stability. WCGreen Sep 2012 #30

That makes no sense RegieRocker Sep 2012 #33

A couple of things PowerToThePeople Sep 2012 #31