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-> New York related Inquiries
SisterSix
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 Mon, Feb 11 2019, 7:54 pm
| amother wrote: | You want to live in a sky high tax state? Great. Don't expect the rest of the nation to subsidize it. Or better, when the fix is finally in, don't call that "punishing." Call that "restoring parity."
I wouldn't have hijacked the thread except you already did.
Signed, a CPA who is happy to see parity restored. |
Wow. How coincidental, then, that these states just happen to be all blue states. Astonishing!
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lovetobemommy
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Mon, Feb 11 2019, 8:32 pm
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amother
Pewter
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Mon, Feb 11 2019, 9:54 pm
| SisterSix wrote: | | Wow. How coincidental, then, that these states just happen to be all blue states. Astonishing! |
It was never fair that regular Americans were subsidizing the sky-high taxes of the blue states. You can conspiracy theorize that it was a "punishment" all you want, but we all well know the unlimited SALT deduction was never fair to begin with. Tell me again why the man from Wisconsin with identical income as the man from NY should pay more in federal income taxes?
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amother
Powderblue
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Tue, Feb 12 2019, 8:34 am
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We BH own our home. This year, if we itemized deductions, it would come out to almost 24k so we went with the standard deduction. Had the property tax not been capped at 10k, we would have come out ahead by itemizing because our property taxes are over 13k. But I won't complain because our tax return refund this year is larger than it's ever been.
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Moonlight
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Tue, Feb 12 2019, 8:41 am
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Also keep in mind that if you itemize you can add in all your medical expenses and charitable donations.
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amother
Pewter
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Tue, Feb 12 2019, 8:47 am
| SisterSix wrote: | | Wow. How coincidental, then, that these states just happen to be all blue states. Astonishing! |
If taking away a longtime benefit enjoyed by blue states only for decades is called "punishing" blue states, then what would you call the decades and decades they enjoyed the benefit for to the detriment of red states? To be consistent, you must consider that the red states were "punished" for decades.
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Amarante
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Tue, Feb 12 2019, 9:48 am
| amother wrote: | | It was never fair that regular Americans were subsidizing the sky-high taxes of the blue states. You can conspiracy theorize that it was a "punishment" all you want, but we all well know the unlimited SALT deduction was never fair to begin with. Tell me again why the man from Wisconsin with identical income as the man from NY should pay more in federal income taxes? |
Actually the rich blue states subsidize the red states which I find sad and funny at the same time.
New York, New Jersey, California all send more in taxes to the Federal government than they receive in assistance. You know why - because that's where the money is. A huge percentage of residents in places like Kentucky are on the Federal dole in one way or another - they just don't have the ability to look behind the lies spewed to them in terms of the reality.
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Simcha36
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Fri, Jul 31 2020, 12:26 pm
tax law changed in 2020.
Most of tax benefit of a mortgage is gone. next discussion would be: If I could make a larger down payment, should I? Tax implications.
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Amarante
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Fri, Jul 31 2020, 12:34 pm
| Simcha36 wrote: | tax law changed in 2020.
Most of tax benefit of a mortgage is gone. next discussion would be: If I could make a larger down payment, should I? Tax implications. |
I think the critical issue is what your finances are in general. A large enough down payment is good since one eliminates the costly insurance one has to purchase until one has sufficient equity.
However it is good to have sufficient cash or liquid assets to cover emergencies and fund savings since retirement savings offer tax benefits as well.
At least in my experience, there are inevitable expenses when one moves into a house as one needs all kinds of things especially at the beginning. Many people under estimate how much it costs to move and settle into a home. Window treatments are costly when one adds up the number of windows, for example.
One can always pay off a mortgage more quickly by making higher payments or paying it off altogether. I have a relatively small amount on my mortgage and I could theoretically pay it off but I would rather keep the money invested since my mortgage interest is low and deductible.
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