2016 Postmortem

NoOneMan

(4,795 posts)

16. The damage is already done

Fri Nov 30, 2012, 04:29 PM

Nov 2012

This measure made prices go up. Revoking it will not guarantee a complete adjustment; that depends on a lot of factors, and people do not want to sell for less than they bought due to an external affordability measure (not always taken directly into account).

Its a real bummer though to the people who bought depending on it, like you. Best of luck

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How much does the Mortgage interest deduction really save us? [View all] xxxsdesdexxx Nov 2012 OP

get rid of it for everybody just because YOU don't save much. ok nt msongs Nov 2012 #1

Should we get rid of it? I'm not saying yes or no xxxsdesdexxx Nov 2012 #6

first you have to have a mortgage. then you can calculate. hollysmom Nov 2012 #2

Depends on if you think promoting affordability increases housing demand, and thereby prices NoOneMan Nov 2012 #3

It also depends on where you live in the country NewJeffCT Nov 2012 #4

There is no obnoxiousdrunk Nov 2012 #5

I believe you are correct, so I will edit my original post to remove that. xxxsdesdexxx Nov 2012 #7

For people who are unable to refinance at a low rate because they have lost their jobs, djean111 Nov 2012 #8

Considering I deduction 4 to 5 times the amount of the standard single tax deduction of $5800, sinkingfeeling Nov 2012 #9

Using your numbers Proud Public Servant Nov 2012 #10

part of what pisses me off about this discussion is that i never would have bought my house unblock Nov 2012 #11

In a way, you are almost suggesting that the deduction increases demand NoOneMan Nov 2012 #12

is there an offsetting effect? sure. is it a 100% offset? of course not. unblock Nov 2012 #15

The damage is already done NoOneMan Nov 2012 #16

You make a good point, unblock. JDPriestly Dec 2012 #52

I'm in the same boat as you ... Myrina Dec 2012 #44

in my case, I no longer have a mortgage so it doesn't save me anything now. But it used to. Filibuster Harry Nov 2012 #13

We should get rid of it and replace it with a 15% credit. bornskeptic Nov 2012 #14

Excellent idea xxxsdesdexxx Nov 2012 #17

sounds good for leveling the playing field but c'mon; if my tax rate is Filibuster Harry Dec 2012 #38

No State Income Tax Where You Live? AndyTiedye Nov 2012 #19

We paid about $2200 in state income tax last year. bornskeptic Dec 2012 #28

you are forgetting those of us who live in high income tax states lasttrip Nov 2012 #18

I pay about $2,265.00 in state income tax to the state of California xxxsdesdexxx Nov 2012 #20

I think your example is self serving and restrictive and does not ask the right question. I for one OhioworkingDem Nov 2012 #21

Not middle zipplewrath Dec 2012 #40

LOL that caught my eye too! Myrina Dec 2012 #45

Once you overcome your standard deduction, mary195149 Nov 2012 #22

Medical expenses you can deduct only the expenses that exceed 10% of your AGI question everything Nov 2012 #24

83.7 Billions question everything Nov 2012 #23

Saves me alot Gargoyle22 Dec 2012 #25

It saves me a lot too Meshuga Dec 2012 #29

I Don't Have Kids; What Other Tax Break Iggy Dec 2012 #26

Would we be willing to eliminate the deduction for future mortgages? exboyfil Dec 2012 #27

It saves many of us a lot. Progressive dog Dec 2012 #30

Recalculate that with 7percent interest and pretend that you... peace13 Dec 2012 #31

I Didn't Even Look At The Numbers. Most Everybody Likes It. Taking It Away Is A Political LOSER DemocratSinceBirth Dec 2012 #32

Agreed Jeff In Milwaukee Dec 2012 #37

Don't think it is worth as much as folks think. But it's not going away. Everyone wants a loophole. Hoyt Dec 2012 #33

With mortgage interest at all time lows, it doesn't amount to a lot; however.... Texin Dec 2012 #34

good post taught_me_patience Dec 2012 #35

The answer to every tax question: It Depends Jeff In Milwaukee Dec 2012 #36

Since my home was foreclosed on, it doesn't save me ANYTHING. Bake Dec 2012 #39

Where's my renters deduction DAVEDCHICAGO Dec 2012 #41

If you rent you do not have to pay property taxes or carry insurance on the dwelling itself. djean111 Dec 2012 #43

I'M also paying a Premium to them to cover those items.. DAVEDCHICAGO Dec 2012 #48

No, sorry - you have no real skin in the game. djean111 Dec 2012 #49

read this DAVEDCHICAGO Dec 2012 #50

If your landlord doesn't get the deduction, your rent goes up. JDPriestly Dec 2012 #53

The interest deduction helps offset the lack of equity paid off in the opening years.. smorkingapple Dec 2012 #42

+100 Myrina Dec 2012 #46

I'm married too. qwlauren35 Dec 2012 #47

At today's interest rates, the deduction may not make that much difference for families JDPriestly Dec 2012 #51