Tax deductible

[Overtaxed]

This is the correct answer.

Yup.. My boat counted as a 2nd home and the interest on it was deductible just like mortgage too because it had a bathroom and sleeping area.

However, for most of us, this is a moot point anymore because of the new tax law. This past year I took the standard deduction for the first time ever because of the limitations on state/local tax. Unless you have a special situation (lots of charitable donations, for example) most people will be taking the standard deduction now. This past year was the first time in ~15 years that I haven't itemized, and I did it both ways (itemized and non), the standard deduction was the way to go for me. Oh, and sending in a 35,000 dollar check on top of what I've already paid (all W2 income). Yeah, now you know where my screen name comes from.. If you add up my house payment, car payments, and all my fixed expenses (electric, water, etc) every year, and then you multiply that number by 2, you're about where my total federal income tax lands. Add in state taxes, it's over 2X. So I pay for my house, my cars and all the stuff that goes along with living my lifestyle, and then I pay it 2 more times to the government.

Don't get me started (probably too late for that).

 

[nards444]

Yup.. My boat counted as a 2nd home and the interest on it was deductible just like mortgage too because it had a bathroom and sleeping area.

However, for most of us, this is a moot point anymore because of the new tax law. This past year I took the standard deduction for the first time ever because of the limitations on state/local tax. Unless you have a special situation (lots of charitable donations, for example) most people will be taking the standard deduction now. This past year was the first time in ~15 years that I haven't itemized, and I did it both ways (itemized and non), the standard deduction was the way to go for me. Oh, and sending in a 35,000 dollar check on top of what I've already paid (all W2 income). Yeah, now you know where my screen name comes from.. If you add up my house payment, car payments, and all my fixed expenses (electric, water, etc) every year, and then you multiply that number by 2, you're about where my total federal income tax lands. Add in state taxes, it's over 2X. So I pay for my house, my cars and all the stuff that goes along with living my lifestyle, and then I pay it 2 more times to the government.

Don't get me started (probably too late for that).

Yeah people over complicate taxes and overvalue right offs like they are something, although money is money. Standard is probably what most will do anyway unless your making multiple six figures even then chances that you have more than 24k in itemized deductions is slim, unless you own a business or have a special situation. If you take the standard this whole deduction on this thread is moot point federally at least. Even then if you look at deductions people think ohhh i had a 1000 dollar write off, yeah technically your deduction is 1000 but the actual cash value is probably more like 100 bucks.

Pro tip if look at your 2040 if its a 24k deduction on there, file it yourself online for free and be done with it. I got tons of buddies that pay this guy or that guy 2-300 bucks to file a standardized return, lol. Its pretty simple go to your W2 look at box one, subtract 24k for a standard deduction, credit child credit, then go to the tax tables and calculate. For this guy hes paying around 11k in taxes.

But i feel you we do pretty good but not that good and our federal, state taxes are dang near the national income average. crazy