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Just borrow your comfort level on Monthly Payments and hold the line on the amount you borrow. Savings accounts don't pay shit sadly. |
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Nice tax write off too. **** paying rent.
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Just got pre approved for 15 year conventional for an amount that I actually need, not what they want to lube their loan cock with. |
Nah. You don’t get to write off home mortgage interest unless you itemize. Which after Tax Cuts and Jobs Act the standard deduction is super high and virtually nobody itemizes.
Even then you’re only deducting itemized expenses OVER what the standard deduction is. For instance, Clay, your standard deduction for 2020 is 12,400. If you make any money medical is probably kicked out as there is a 7.5% of AGI exemption. And state taxes (which would include your property tax, so as a single dude, that’s the one limit that isn’t halved for single dudes you might have something there, but whatever. Follow along) is limited to 10K. So in order to fully deduct your mortgage your SALT and contributions would have to equal 12,400. Here’s an example with made up numbers. 2020 Clay: Medial: $0 SALT: $2000 Home mortgage interest: $0 Contributions: $500 TOTAL Itemized: $2500. Clay is taking $12,400 Standard Deduction. 2021 Clay Medical: $0 SALT: $7,000 ($5k additional PPT) Home Mortgage: $8000 Contributions: $500 Total Itemized: 15,500. Clay itemizes $15500. Marginal additional “deductible” expense: $13,000 (plus principle, which is not deductible but still comes Out of your pocket and is probably in the neighborhood of 3-4K the first year) Marginal additional Tax Deduction: $3,100. If you can even hit itemized, it’s not a dollar for dollar deduction. Be careful relying too much on deducting anything. Don’t count too much on the deduction. |
So there are no tax breaks for first-time homebuyers?
****. |
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https://smartasset.com/taxes/first-t...yer-tax-credit FWIW, I'm pro-owning your own home. I'm just anti-bad financial decision making. Buy the house if you can afford it. If you get added benefits, book that as a bonus, don't count on it. |
Off topic...I’m thinking about buying silver. What are your guys’ thoughts?
Worth it? Not sure when will it actually become profitable. |
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100 Year Silver Chart. Check the numbers on the left <a href='https://www.macrotrends.net/1470/historical-silver-prices-100-year-chart'>Silver Prices - 100 Year Historical Chart</a> 100 year DJIA (and that's not what's running hard now) <a href='https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart'>Dow Jones - DJIA - 100 Year Historical Chart</a> EDIT: You'll have to click the link. DON'T "Invest" in commodities. Bottom line the sister****ers trying to get you to invest in metals are hucksters. If the dollar fails we're all ****ed and silver won't save you. |
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Maybe somebody here has more knowledge, that’s why I ask. |
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I must not have got the joke :/
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