Get Housing Industry Out Of The Tax Code?

I like going up against Harvard lawyers. I have several times. They aren't particularly gifted in my experience. I mean, not like you might expect.
Oh wow, Harvard, he must be great. And then, nope, nothing special. Not that it's bad, but, I expected better. Like something special.

Nope. I learned that I am special. :cool:
 
Micawber said:
Like I said, multiple reasons. Huh, I didn't know that. I wonder why I was advised to try hard to avoid it. Very expensive.
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I'm with you. I would have come up with the extra money to avoid it. GF says it's a tax deduction, so she ignores my calls for her to pay toward principal. Just read that it expired. '16 is the last year you could take it unless Congress renews it.
 
Micawber said:
I like going up against Harvard lawyers. I have several times. They aren't particularly gifted in my experience. I mean, not like you might expect.
Oh wow, Harvard, he must be great. And then, nope, nothing special. Not that it's bad, but, I expected better. Like something special.

Nope. I learned that I am special. :cool:
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Like any school, there's top 10%, and bottom 10%. Hell...Bush was a C student at Yale.
 
Right said:
#2 is not bogus, in spite of what those in other investment fields say. It's been a great tool for generations in my family and most folks that I know.
3. Fannie and Freddie should be abolished. Fed should be regulatory only.
4. True to a point. They can always lower the price of their home to sell it, or rent it until it does.
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By any standard by which you would judge an investment owning a house sucks

When you factor in total cost of ownership (very few people do) you come out a loser.

Let’s be perfectly clear. There are many good reasons to own your own home. As an investment? No.

Owning rental properties? Yes

Personal property? No.

You can try to argue it but you would be wrong and I guarantee you have never factored in total cost of ownership.

Lastly if you believe in free markets than you can’t justify the gobblement being in the housing business.
 
I Love America said:
By any standard by which you would judge an investment owning a house sucks

When you factor in total cost of ownership (very few people do) you come out a loser.

Let’s be perfectly clear. There are many good reasons to own your own home. As an investment? No.

Owning rental properties? Yes

Personal property? No.

You can try to argue it but you would be wrong and I guarantee you have never factored in total cost of ownership.

Lastly if you believe in free markets than you can’t justify the gobblement being in the housing business.
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This is spot on.
 
Micawber said:
I don't know how to break it down, but I purchased in no small percentage based on the tax advantage. IOW, but for the tax advantage, I could not have bought at all. It would not have been a choice offered. So I scraped up
127 grand to beat the PMI, and enjoyed the big annual drop in the AGI when the loan was mostly interest. To assume that didn't enter into the decision process is wrong. Also considered was the American dream part,
part was that somehow the house was better than any place I had ever lived, part was the fact that I could do with it as I wished. If you rent you can't stuff out and make it like you want. And part was riding the supposed equity train.

But interest deduction definitely entered into the equation bigly. Even now it's like a 20 grand write off. And if I never bought the first I could never get the second.
Houses for rent can provide retirement income. So you need to own a rental property for that to happen.

Anyway breaking it out is difficult, but put it this way. Handing some other guy a couple grand every month with no deduction, no ownership, no equity, and no American dream got old old old.
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You are lying. You are not getting a $20,000 write off from your mortgage deduction
 
I Love America said:
By any standard by which you would judge an investment owning a house sucks

When you factor in total cost of ownership (very few people do) you come out a loser.

Let’s be perfectly clear. There are many good reasons to own your own home. As an investment? No.

Owning rental properties? Yes

Personal property? No.

You can try to argue it but you would be wrong and I guarantee you have never factored in total cost of ownership.

Lastly if you believe in free markets than you can’t justify the gobblement being in the housing business.
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Money isn't the only thing that you factor in. I've rented apartments and homes before and that situation basically sucks. So there's that.
 
Micawber said:
I like going up against Harvard lawyers. I have several times. They aren't particularly gifted in my experience. I mean, not like you might expect.
Oh wow, Harvard, he must be great. And then, nope, nothing special. Not that it's bad, but, I expected better. Like something special.

Nope. I learned that I am special. :cool:
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Special Ed maybe...
 
cawacko said:
This is spot on.
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Spot on? He directly contradicted the Lehman shill's claim that people buy homes as an investment.

Assume everyone rents. The price of rent is often the same as a mortgage, or more. In many states, the escrow for prop. taxes is more of the monthly nut than the mortgage. But, with rents going up, the cost is almost identical.

So you have 10 years in, with absolutely no equity. If you owned, that equity could get you better terms for a loan if you needed one. As you address on a weekly basis, there are tax advantages to owning a home, but let's set that aside for people like yourself, who refuse to take those tax credits.

If you rent, you never know what your monthly costs will be year over year. You are subject to the sale of the house, which opens up other problems.

But...focusing on the investment aspect only, which is NOT the reason most people own homes, how can it be a better investment to throw away money on rent, leaving nothing for investment elsewhere?
 
archives said:
Should be primary residence only, and limits couldn't be uniformed to be fair, it could be priced according to local real estate values
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There's that meaningless "fair" argument again.

What makes it fair in your mind? That you support it?
 
cawacko said:
LOL, handlers? No response yourself? One can disagree with his points and I have some but his argument is a legitimate one.
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you don't really offer valid debate with the OP.

Assuming you are trying to argue Trumps tax plan, code, implementation of both, DONT.
Trump lives this kind of stuff. You can almost assume he has thought it all through with the results being financial success.

Your home is the only legitimate investment you and I and most Americans will ever make.
You don't have enough money to make money on the market, nor will you ever. the market is for the big boys. You and I at best can look at it as a savings plan. Which is fine, it is that and if it makes us some change that's fine too.
But it is also at the whim of big investors. Wall street could yank your little pittance of wealth out from under you over night. It's happened before and it will happen again.

What middle class America needs to hope for is that we can buy a home, the economy supports growth. the kind of growth that makes you earn more money, so home prices will continue to rise and you have equity.
Again,, this economic growth is just part of Trumps vision. We need to let him work his magic. he's in it for all of us this time. I like having a made billionaire in charge of my financial future. really in charge.
And if the dingbats get out of his way we may all prosper.
 
Getin the ring said:
you don't really offer valid debate with the OP.

Assuming you are trying to argue Trumps tax plan, code, implementation of both, DONT.
Trump lives this kind of stuff. You can almost assume he has thought it all through with the results being financial success.

Your home is the only legitimate investment you and I and most Americans will ever make.
You don't have enough money to make money on the market, nor will you ever. the market is for the big boys. You and I at best can look at it as a savings plan. Which is fine, it is that and if it makes us some change that's fine too.
But it is also at the whim of big investors. Wall street could yank your little pittance of wealth out from under you over night. It's happened before and it will happen again.

What middle class America needs to hope for is that we can buy a home, the economy supports growth. the kind of growth that makes you earn more money, so home prices will continue to rise and you have equity.
Again,, this economic growth is just part of Trumps vision. We need to let him work his magic. he's in it for all of us this time. I like having a made billionaire in charge of my financial future. really in charge.
And if the dingbats get out of his way we may all prosper.
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This isnt about Trump. The debate over whether housing is consumption or an investment didn't start in 2017 nor did debate over the tax code.
 
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