Exactly what happened to me

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Post #54,465 by drewk 10/2/02 11:41:46 AM Reply	Exactly what happened to me Turns out I didn't pay enough for my house for this to make a difference.[1] If you're already over the standard deduction without the house you can get back a ridiculously high percentage of your housing cost through tax breaks. If you're already living frugally, though, it might not matter. Except that you may be building equity, of course. As deSitter suggested, the only time you don't want to buy is when real-estate prices are falling faster than you would be paying off, which in the first couple of years of a mortgage is barely at all. [1] We both came in to the marriage with school loans and other debt, and planned to be debt free in time to move after five years. Depending on what the market looks like come spring, we just might make it. === Microsoft offers them the one thing most business people will pay any price for - the ability to say "we had no choice - everyone's doing it that way." -- [link\|http://z.iwethey.org/forums/render/content/show?contentid=38978\|Andrew Grygus]
Post #54,466 by admin 10/2/02 11:47:18 AM Reply	One other thing though... You can oftimes finance existing debt into the mortgage, consolidating your payments and making all your current loans eligible for the deduction. IANATA (tax advisor), though, so consult one to make sure. Regards, -scott anderson "Welcome to Rivendell, Mr. Anderson..."
Post #54,473 by inthane-chan 10/2/02 12:05:36 PM Reply	Student loans are already a deduction. We got back what we would have owed last year thanks to that little loophole... ;) Considering that is our primary debt load at this point (besides my wife's "charity" work) it wouldn't help too much... :P End of world rescheduled for day after tomorrow. Something should probably be done. Please advise.

What's your thoughts on buying a place in this econ? - (inthane-chan) - (38) - Oct. 2, 2002, 11:20:43 AM EDT

Re: What's your thoughts on buying a place in this econ? - (deSitter) - Oct. 2, 2002, 11:23:36 AM EDT

Keep in mind... - (admin) - (5) - Oct. 2, 2002, 11:25:18 AM EDT

Exactly what happened to me - (drewk) - (2) - Oct. 2, 2002, 11:41:46 AM EDT

One other thing though... - (admin) - (1) - Oct. 2, 2002, 11:47:18 AM EDT

Student loans are already a deduction. - (inthane-chan) - Oct. 2, 2002, 12:05:36 PM EDT

Also, keep in mind property taxes. - (a6l6e6x) - (1) - Oct. 2, 2002, 05:37:11 PM EDT

Interesting facet of Michigan tax law: - (admin) - Oct. 2, 2002, 05:53:04 PM EDT

What doe s Marysville look like for housing and how far is - (boxley) - (1) - Oct. 2, 2002, 12:40:18 PM EDT

One big problem. - (inthane-chan) - Oct. 2, 2002, 01:19:00 PM EDT

Beware the bubble - (marlowe) - (16) - Oct. 2, 2002, 12:53:34 PM EDT

Less chance of a bubble in residential real estate - (drewk) - (11) - Oct. 2, 2002, 01:15:35 PM EDT

Seattle == Silicon Valley/2 - (inthane-chan) - (6) - Oct. 2, 2002, 01:27:04 PM EDT

We're looking to sell soon. - (Brandioch) - (5) - Oct. 2, 2002, 03:13:24 PM EDT

Hey, where do you work, anyways? - (inthane-chan) - (4) - Oct. 2, 2002, 03:37:45 PM EDT

One Convention Place -NT - (Brandioch) - (3) - Oct. 2, 2002, 07:50:48 PM EDT

LMAO! - (inthane-chan) - (2) - Oct. 3, 2002, 11:12:39 AM EDT

Week after is the soonest. - (Brandioch) - (1) - Oct. 4, 2002, 11:34:00 AM EDT

Need contact info... - (inthane-chan) - Oct. 4, 2002, 11:42:52 AM EDT

Nearly 100% chance IMO - (ben_tilly) - (3) - April 20, 2003, 10:37:33 AM EDT

Re: Nearly 100% chance IMO - (deSitter) - (2) - April 20, 2003, 11:00:53 PM EDT

Yes -NT - (ben_tilly) - (1) - April 20, 2003, 11:05:01 PM EDT

Econ Laureate LRPD: Unintended consequences -NT - (Ashton) - April 21, 2003, 05:38:58 AM EDT

Commented on that in my original post. - (inthane-chan) - (3) - Oct. 2, 2002, 01:23:48 PM EDT

Doesn't add up - (drewk) - (2) - Oct. 2, 2002, 01:57:36 PM EDT

The houses aren't what's causing it. - (inthane-chan) - (1) - Oct. 2, 2002, 02:06:07 PM EDT

OK, I get it. In the 70s that land would be 2 dozen lots. -NT - (drewk) - Oct. 2, 2002, 02:28:12 PM EDT

You need to compare it to the alternatives. - (Another Scott) - (2) - Oct. 2, 2002, 02:36:43 PM EDT

Something else re: condos - (drewk) - (1) - Oct. 2, 2002, 03:26:24 PM EDT

To add another twist: - (admin) - Oct. 2, 2002, 04:51:33 PM EDT

Don't - (ben_tilly) - (2) - Oct. 2, 2002, 07:52:46 PM EDT

Here's the trick: - (inthane-chan) - (1) - Oct. 4, 2002, 11:50:59 AM EDT

Quick questions to ask yourself. - (ben_tilly) - Oct. 5, 2002, 05:49:49 PM EDT

Totally depends on when and where - (wharris2) - Oct. 4, 2002, 11:59:18 AM EDT

Rent is a ripoff - (tuberculosis) - (4) - Oct. 11, 2002, 10:32:02 AM EDT

Re: "mortgage payments are equity" - (a6l6e6x) - (2) - Oct. 11, 2002, 11:34:42 PM EDT

Thought about it - (tuberculosis) - (1) - Oct. 16, 2002, 11:08:25 AM EDT

No need for 20% down to avoid PMI. - (Another Scott) - Oct. 16, 2002, 12:34:56 PM EDT

Don't forget to factor in: - (wharris2) - Oct. 14, 2002, 05:28:49 PM EDT

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