Zillow Advice: Home Buying - The Invisible Renter

The state of Massachuetts ...

Wed, 29 Oct 2008 18:04:00 GMT

The state of Massachuetts allows for a deduction of 50% of rent paid, up to a maximum of $3000 for joint returns. That amounts to about a $159 reduction in owed taxes.

I am still in shock about ...

Wed, 29 Oct 2008 17:14:00 GMT

I am still in shock about the stated rent for Manhattan! I don't know how people do it, or will be able to continue to do it.

I do agree that most of the taxes on rentals are already figured in and I am not sure of a fair way to give a deduction to renters for that. It would be interesting to see if anyone can come up with a workable idea! Usually the posts here are pretty imaginitive!

My understanding of ...

Wed, 29 Oct 2008 03:20:00 GMT

My understanding of Obama's mortgage interest deduction is it is only for those who do not itemize which are very few people with a sizeable mortgage I would imagine.

obama tax

I am not seeing anything ...

Mon, 27 Oct 2008 20:03:00 GMT

I am not seeing anything in either vote to get that excited about as fax as taxes go. The only thing I am seeing is who would be able to step up and run the US with out wavering in their stance overall.

First of all, the "tax cut" ...

Mon, 27 Oct 2008 13:23:00 GMT

First of all, the "tax cut" assumes neither partner makes more than the social security cap. Under Obama's plan those making more than that (currently $102,000 I think) and their employers will pay 7.6% each in social security taxes that they didn't before.

That's fine if that's what he wants his plan to be and I personally don't have a huge problem with that even though that would mean about $1,300 out of my pocket just before the end of the year. I do have a problem with the "tax cuts for those making under $250,

since (interestinly enough) the Obama calculator states that I'll save about $1,300 in income taxes. Yay! I get an income tax cut but pay it in a different way.

Regarding property taxes...I grew up in New Hampshire, where there are no sales or income taxes so the state is very dependent on property taxes. Perodically, the issue of "fairness" comes up because renters don't pay propery taxes, etc. I'm not a real estate expert, but I'm pretty sure renters live in buildings that are taxed. Now, if the owner wants to eat the cost of the taxes and not pass it on in the form of monthly rent, that's great but I think most owners do pass that cost along to their renters in one way or another.

>You don't have a tax ...

Mon, 27 Oct 2008 11:15:00 GMT

>You don't have a tax write off, but you don't have to pay property taxes either, usually about a wash.<

Wow. Some things said. So wrong the mind boggles.

Well, for what I pay for ...

Mon, 27 Oct 2008 04:42:00 GMT

Well, for what I pay for rent, I'm not paying a dime of property tax and only about 2/3rds of what it would cost me in mortgage payments. So no, many renters do not pay property tax.

Dont vote for Obama if you ...

Mon, 27 Oct 2008 03:32:00 GMT

Dont vote for Obama if you dont like his new tax proposal.

... Maybe it's time that ...

Sun, 26 Oct 2008 16:57:00 GMT

... Maybe it's time that we renters for a union and go on stike...

Some people aren't buying ...

Sun, 26 Oct 2008 16:56:00 GMT

Some people aren't buying a home, they may own it outright.