where did i put my taxes?

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pissedoffsol said:
who was it that said renting FTW? oh yeah, you.... :)
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The part that I left out, is that as long as you don't shit on the walls or burn the place to the foundation, at the time of sale you would have, effectively, lived there for free.
 
You're still going to be responsible for Capital gains unless you plan on selling in December or whenever you bought...
 
reckedracing said:
you know how much in interest you'd need to have to save 14K in taxes?

random figures
82K salary, 60K in interest = 12.7K in tax savings
no way did your interest save you 14K in taxes
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I wrote that wrong.... i meant to say that I wrote off 14k off stuff last year, most of which was mortgage interest.

Bob Vila said:
You're still going to be responsible for Capital gains unless you plan on selling in December or whenever you bought...
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yeah, i know. i did some math and its really not much money, ~900 bucks... so there's no use waiting at this point.
 
most of the stuff i can take with me.
i'm in it for about 100 bucks in paint, and labor really. and lord knows i can't paint so the labor is well worth it.
 
damn.

just got my quote back.

I'm doing a split 75/25 loan

6 5/8% on the first 25% 30 yr fixed, due in 15 (aka, you have to re-fi at somepoint, or sell)
9% on the other 75% 30 yr fixed.

0 down, 0 points, 0 pmi

i'm really on the fence about this :(


rate sucks, but i can re-fi after i get some equity
pmi-style loan requires min 6% down, which i don't have, plus, its only write-offable under 100k a year. i very well may clear 100k next year or the year after if i get even a small raise, so paying pmi is not something i want to do... and the rate on that is 7%. so, with paying pmi, it works out to be a little more actually, minus the initial down.


bah
 
yeah i know.... its because i'm doing a stated loan, since i really can't prove anything in terms of my finances with the roommate's rent and a good portion of un-documented cash.

the 6 5/8ths i can live with. hell, i have 6.5% on the condo + pmi.

but that 9 is a slap in the face.


yes, its high, but its also a write off.... which kinda evens itself out a little bit. yeah, i'll pay more throughout the year, but i'll have a much higher write-off at the end of the year as well. and in my tax bracket, write offs are important to have.

i want this house real bad. its dope. i'm 100% on the house. but the finances are about 300/month over what i wanted to spend.

if/when the market re-kicks in, i'll have a lot of equity in the place. 3 years ago, this place probably would have listed for 425.

its brand new, so i don't need to worry about a roof right away or anything like that either... and finding new houses that aren't 500k+ is hard to find around here.

i dunno. i'm 100% on the fence.
 
maybe you need to talk to a different lender...

and remember, write offs are good, but its not a dollar for dollar type of savings
 
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You might love the house but if anything happens with your job you are fucked. I would save up some cash for a while, get the down payment covered so you don't need the PMI. Also don't depend on the refi, since the market could go up past the 9% probably not likely in the near future but you never know.
 
there's no way in hell i'm saving up 45 grand any time soon. avoiding pmi or a split loan is pretty much not going to happen unless i plan on staying in the condo (which i don't)
 
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