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SVTPerformance's Chain of Restaurants
Road Side Pub
Liquid Assets and Expensive Car Purchase
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<blockquote data-quote="mike99" data-source="post: 15731188" data-attributes="member: 3878"><p>No problem ricardoa1! I live in "Silicon Valley" and lots of home owners here have loans above a million dollars! Its nuts, I know... The interest paid and reported on form 1098 is often over 50K. There are 7 tax brackets with the top 2 rates being 35% and 39.6%. Using 35% of 50K means saving 17.5K in taxes. These folks usually have lots of money in their company stock which is what they rely on and what drove up home prices.</p><p>And as a correction, there is one more deduction (this time the right is trying to take it away) that may get taken away. Deducting state taxes on your federal return. This one screws CA and NY the most!</p></blockquote><p></p>
[QUOTE="mike99, post: 15731188, member: 3878"] No problem ricardoa1! I live in "Silicon Valley" and lots of home owners here have loans above a million dollars! Its nuts, I know... The interest paid and reported on form 1098 is often over 50K. There are 7 tax brackets with the top 2 rates being 35% and 39.6%. Using 35% of 50K means saving 17.5K in taxes. These folks usually have lots of money in their company stock which is what they rely on and what drove up home prices. And as a correction, there is one more deduction (this time the right is trying to take it away) that may get taken away. Deducting state taxes on your federal return. This one screws CA and NY the most! [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Liquid Assets and Expensive Car Purchase
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