Say Goodbye to the Mortgage Deduction

[Gary and Alla 3,694]

The mortgage deduction comes in real handy around here. If you're a couple with young kids and want to live in a clean and safe area, you're going to pay no less than 350K for a townhouse/condo or 400K for a house. Your property tax bill will be anywhere from 8K to 15K, depending on the town. Between interest on that 300K loan (on a 400K house with 100K down) and the 12K (let's say) tax bill, you're already well over the standard ded.

Move somewhere else. $12K tax bill? I do not pay that for my house total payment, pricipal, interest and tax (I pay insurance separately). ####### and I live in the safest place in America! (and one of the cleanest) Not a mansion, admittedly, but a nice place nonetheless.

Dude, the home mortgage tax deduction is NOT your problem. You got other problems!

[Gary and Alla 3,694]

Location is everything. Some locations are just more desirable. The market decides that.

Glad I am not located where I pay $1000 per month for TAX. I am located 3 minutes drive and one stoplight from downtown Burlington.

[^_^ 5,021]

Move somewhere else. $12K tax bill? I do not pay that for my house total payment, pricipal, interest and tax (I pay insurance separately). ####### and I live in the safest place in America! (and one of the cleanest) Not a mansion, admittedly, but a nice place nonetheless.

Dude, the home mortgage tax deduction is NOT your problem. You got other problems!

All the most desirable land in the world costs the most. It's the free market at work.

Land is cheap where you live? Well.. it's cheap for a reason

(i grant your point on taxes)

[Gary and Alla 3,694]

All the most desirable land in the world costs the most. It's the free market at work.

Land is cheap where you live? Well.. it's cheap for a reason

(i grant your point on taxes)

Not any reason that affects me.

land is relatively cheap here, compared to NYC or such but not "cheap" Actually I think it is WAY too expensive for this region. Pay scales here are not so high to support such prices, IMO, yet there they stay and our prices have fallen very little.

Edited March 6, 2011 by Gary and Alla

[Mr. Big Dog 10,747]

I say get rid of income and all deductions will go with it.

Absolutely! Deductions will be meaningless if one gets rid of income altogether. Income tax rates would be meaningless, too.

Edited March 6, 2011 by Mr. Big Dog

[Gary and Alla 3,694]

Absolutely! Deductions will be meaningless if one gets rid of income altogether. Income tax rates would be meaningless, too.

Oops. Income TAX is what I meant.

[Ban Hammer 13,352]

Location is everything. Some locations are just more desirable. The market decides that.

aj is channeling lisad now?

[Gary and Alla 3,694]

aj is channeling lisad now?

For what he pays in tax, he should do so with a solid gold crystal ball. I guess they pay for all the police to have such a low crime rate in New Jersey with all that property tax?