[lbo-talk] buy v rent/ tax break?

123hop at comcast.net 123hop at comcast.net
Sun Jul 17 13:09:00 PDT 2011


Yes, you get a tax break (it remains to be seen for how much longer) But,

-- There's property tax -- Insurance -- Maintenance (way more than you think) -- All the interest you pay on the loan

Plus, I think if you wait a couple of years, houses will be cheaper.

This guy

http://patrick.net/housing/crash.html

has a web site devoted to rent vs own & has a formula you can use to figure out if it's really an advantage.

Good luck,

Joanna

----- Original Message ----- From: "shag carpet bomb" <shag at cleandraws.com> To: "Lame Brained Onanists" <lbo-talk at lbo-talk.org> Sent: Sunday, July 17, 2011 6:58:06 AM Subject: [lbo-talk] buy v rent/ tax break?

OK. So, I'm in the market to buy. What is this deal where I supposedly make back a little money at tax time. In other words, what I've heard is that, if my current rent is $2000/month then with the supposed tax break, if I have a mortgage that is $2000/month, I'm actually paying less per month because of the tax deduction knocking me into a lower tax bracket.

does anyone know what I'm talking about? Is it really an advantage? I guess it would depend on your income and tax bracket, no?

thanks

shag

-- http://cleandraws.com Wear Clean Draws ('coz there's 5 million ways to kill a CEO)

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