Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: lucysmom
Wouldn't the tax benefit for home ownership disapear?

There aren't any real tax benefits for home ownership. The benefit to home ownership is that you have the property.

You may be thinking of the tax benefit of a home mortgage. If you are, consider this:

If you pay 20% of your income in taxes, and you have an annual mortgage interest of $10,000 (numbers selected for easy math - not reality checked), then your tax will be reduced by $2,000. You get $2,000 back from Uncle Sam for sending $10,000 to a banker.

If you think of that as a benefit, then I have a great benefit to offer you. Send me $10,000 and I will immediately send you $5,000. That's 5 times the benefit of Uncle Sam's offer. Freepmail me and I'll give you the address to send the check to.

Shalom.

92 posted on 08/03/2004 11:54:33 AM PDT by ArGee (After 517, the abolition of man is complete)
[ Post Reply | Private Reply | To 19 | View Replies ]


To: ArGee; lucysmom

In addition to the tax deductability of mortgage interest, this increases your taxable income on the state level, the benefit is reduced even more.


94 posted on 08/03/2004 12:09:25 PM PDT by Phantom Lord (Distributor of Pain, Your Loss Becomes My Gain)
[ Post Reply | Private Reply | To 92 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson