Bad Buy....x3

[CalGalTraveler]

If financed,wouldn't OP be able to deduct the mortgage interest as well? Or did that go away with new tax law...can't remember. Most dev sales today promote financing so may be with that mindset if write off still valid.

 

[SmithOp]

If financed,wouldn't OP be able to deduct the mortgage interest as well? Or did that go away with new tax law...can't remember. Most dev sales today promote financing so may be with that mindset if write off still valid.

Married filing joint standard deduction is now $24k, more if over 65. A lot of people no longer itemize and take deduction for mortgage and taxes ($10k SALT limit now). You can only claim 2 mortgage deductions, primary residence and one vacation home.


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[CalGalTraveler]

So if HGVC qualify, preso participants > $100k income and no second home then it sounds like they could write off. Quite a needle to thread though.

 

[PigsDad]

So if HGVC qualify, preso participants > $100k income and no second home then it sounds like they could write off. Quite a needle to thread though.

But you're just talking about deducting the interest on the loan, and the property tax, correct? That is still not the ability to deduct the MF, as Rooster47's sales rep stated. Or maybe I am misreading your comment?

Kurt

 

[CalGalTraveler]

Good point. One would have the mortgage payment on top of the MF every year. But it could be deducted if they qualify.

 

[SmithOp]

Good point. One would have the mortgage payment on top of the MF every year. But it could be deducted if they qualify.

and its not dollar for dollar when you take deductions, if you are in the 22% bracket, reducing $1 only saves 22 cents tax.


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