Posted on 09/28/2017 9:15:45 AM PDT by NohSpinZone
Oh, boo-boo to California. Let them pay for their welfare state, single payer healthcare, high speed rail, sanctuary cities, University of California school system, and all the other social warrior experiments Jerry Brown and his pals have dreamed up WITHOUT the help of us non-Californians.
Yep, this was the point of my post. I know there will be a lot of pissed off Californians because of this. I should be one of them as I’m also an itemized tax filer and this is likely to impact us too.
However, we really should be turning our anger to the fools in Sacramento who think our money grows on trees that they can pluck at their will. Because of these deductions, they’ve been able to mask how bad their spending policies are and how out of control they really are.
We need to shine a light on this! Sacramento needs to be cleaned out.
Free it up by not taking it in the first place.
Either way works for me.
I’d prefer it took place as you suggest here.
Landlords can deduct them. This is reflected in the rent the renter pays.
Renters cannot deduct mortgage interest payments.
I had a condo in San Jose and sold it at a loss. Since that wiped out any tax liabilities I had for the year, I didn’t bother filing a state return. Then I moved to Seattle.
The California taxing authority actually tracked me down in Washington and started sending me threatening letters for a missing tax return. I tried to tell them I owed them nothing. Eventually, I got a letter telling me I’d be arrested if I ever came into the state again. So far, I’ve managed to avoid it. It isn’t exactly Merle Haggard’s The Fugitive, but it is a life of exile. LOL
I may be misremembering, but there is, or used to be, a renter’s deduction on the state tax form, to offset the landlord’s tax benefit.
Get some forms and fill them out.
Look, it’s silly, but it may save you some grief down the road.
Bureaucrats can make your life a living hell unfortunately.
It won’t cost you more than a few minutes of time, and postage.
Fill out an EZ short form, or some such.
I’m not sure if that exists any longer to be honest.
It’s was a very small sum.
Two areas where residents of low tax states subsidize Californians through the deduction of state and local taxes. Both are POLICY choices adopted by officeholders Californians voted for:
1. Union labor used in residential construction makes housing (and thus mortgages) more expensive than it would otherwise be.
2. Overpaying state and local government employee drones through union negotiated contracts raises taxes.
Thus, Californians’ chose to let unions (both private and government) force higher taxes. I can’t vote in California, but some here want me to pay for the costs incurred. No thanks.
That renter’s credit was/is? $60 for a single person making less than $39,000 dollars and change or $120 for two people making less than $78,000 and change.
https://www.ftb.ca.gov/individuals/faq/ivr/203.shtml
California renters who meet income and other requirements can apply for a renter’s credit of $60 (if filing separately) or $120 (if filing jointly).
Beat you by a minute and fifty-eight seconds.
“:^)
:)
Renters don't pay mortgages (directly). Landlords do. And they, landlords, can deduct mortgage interest. Those deductions reduce the cost of providing the housing and consequently the amount of rent that must be charged.
Renters cannot deduct mortgage interest payments.
If you wish to think that all (rent building) mortgage tax deductions are devoted to lowering rents, go ahead. I don’t think that at all, and renters cannot deduct mortgage interest payments.
Dude. I've already said renters don't directly pay mortgage interest. It is much the same as corporate taxes - the consumer ultimately pays them. AS A FORMER LANDLORD I can factually tell you that interest and all other costs factor into rental prices, just like that other Freeper you chose to be obtuse with told you. Interest payments affect rent, and any reduction in offsets and subsidies will have an effect going forward, although that isn't the point. The point is that, in the past, they were a factor in determining rental rates.
If you want to pretend that interest/tax payments won't have an effect on decisions to raise or not raise rents, that's just you, once again, ignoring facts to sustain your own chosen reality. Good luck with that.
As I said, if you wish to think all landlords look at their mortgage deduction and adjust people’s rents accordingly, I think you’re kidding yourself.
Any surplus funds are not necessarily showered down on renters. In many instances they go into a pool for the next building purchase.
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