w00t! Tax deductible home mortgage interest is a GOOD thing!

Discussion in 'Archived Threads 2001-2004' started by Travis Hedger, Feb 27, 2002.

  1. Travis Hedger

    Travis Hedger Supporting Actor

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    Hi all, some of you may remember my previous thread asking about the advantages of this.

    Well me and the wife went to process our taxes yesterday and after all was said and done we will be getting back around $1500 and most of it was from the mortgage interest. I am a happy camper. I had my W4 configured to take as little as possible out as we have been thru a lay off and such. We likely would have broke even or had to pay in a bit if it wasnt for the mortgage. Too bad the $$$ is spoken for because that would really have helped to get a large chunk of the 65 inch HDTV monitor I have had my eye on!!

    PS..dont forget to have them deduct any property taxes payed in on 2001 as well!
     
  2. Steve Tannehill

    Steve Tannehill Ambassador

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    Now that I have a full year of mortgage interest and property taxes under my belt (which gives me a complete picture of my itemized deductions), I have used the amount of my refund to adjust my withholding allowances.
    Instead of giving the IRS an interest-free loan with a refund next year, I am going to be taking most of that money home with me each month.
    That money is spent, too. But at least it is mine to spend today. (Well, actually, tomorrow, since tomorrow is payday.) [​IMG]
    - Steve
     
  3. Todd Hochard

    Todd Hochard Cinematographer

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  4. John_Bonner

    John_Bonner Supporting Actor

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    You may also want to consider a Home Equity Loan or Home Equity Line of Credit. With interest rates still fairly low these are great ways to pay off higher rate loans, credit cards, etc. Many banks and financial service companies offer them often with no closing fees. And the interest you pay on the equity loan is also tax deductible.
     
  5. Anthony_J

    Anthony_J Stunt Coordinator

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  6. nolesrule

    nolesrule Producer

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  7. Craig

    Craig Second Unit

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    As mentioned, property taxes are also deductible, mine run around $2500/year for my house.

    Don't forget to deduct any ad valorem tax you're paying on your automobile. You pay this when you get your car tag in many states.
     
  8. CameronJ

    CameronJ Stunt Coordinator

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  10. Todd Hochard

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