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SVTPerformance's Chain of Restaurants
Road Side Pub
What to do with the homeless?
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<blockquote data-quote="Pribilof" data-source="post: 16080872" data-attributes="member: 155968"><p>Take a 10 or 15 year loan instead of a 30. And you neglect to take into account the time value of money. Some of those interest dollars are 30 years from today's value.</p><p></p><p>The standard deduction is $12K ($24k for married joint filiers). A married couple earning $60k with zero kids or other deduction will owe roughly $3900 in fed taxes. That's a 6.5% rate and hardly seems oppressive.</p><p></p><p>EDIT: The NPV of $800k in interest over 30 years at 4% is about $250k. Seems fair given the bank is taking the risk of the loan and locking up capital in a home (that someone else is living in) for 30 years. I fail to understand how that's "oppressive" for someone who can afford a $1MM home.</p><p></p><p>Also, YES the IRS WILL help you figure out your fed tax liability by using its withholding calculator: <a href="https://apps.irs.gov/app/withholdingcalculator/" target="_blank">2018 Withholding Calculator</a></p><p></p><p>Additionally, TurboTax is F-R-E-E and will help taxpayers claim deductions.</p><p><a href="https://turbotax.intuit.com/" target="_blank">TurboTax® Tax Software, e-File Taxes Online, File Income Tax Returns</a></p></blockquote><p></p>
[QUOTE="Pribilof, post: 16080872, member: 155968"] Take a 10 or 15 year loan instead of a 30. And you neglect to take into account the time value of money. Some of those interest dollars are 30 years from today's value. The standard deduction is $12K ($24k for married joint filiers). A married couple earning $60k with zero kids or other deduction will owe roughly $3900 in fed taxes. That's a 6.5% rate and hardly seems oppressive. EDIT: The NPV of $800k in interest over 30 years at 4% is about $250k. Seems fair given the bank is taking the risk of the loan and locking up capital in a home (that someone else is living in) for 30 years. I fail to understand how that's "oppressive" for someone who can afford a $1MM home. Also, YES the IRS WILL help you figure out your fed tax liability by using its withholding calculator: [URL="https://apps.irs.gov/app/withholdingcalculator/"]2018 Withholding Calculator[/URL] Additionally, TurboTax is F-R-E-E and will help taxpayers claim deductions. [URL="https://turbotax.intuit.com/"]TurboTax® Tax Software, e-File Taxes Online, File Income Tax Returns[/URL] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
What to do with the homeless?
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