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02-05-2009, 07:15 PM
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#1 |
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Registered User
Join Date: Feb 2009
Posts: 1
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Should I buy a more expensive House For Tax Reasons
I am trying to decide something and I need help...
Status: I currently owe 100k on my house We make approx. 250K per year Our current payment is 1500.00 per month We are getting killed in taxes while some of my friends who owe more on their house (and make around the same) are not paying near the taxes we are. Question: Should I buy a bigger more expensive home ? I know I will be out more cash per year but there has to be a formula that calculates the point at which it would make sense to enjoy a nicer house and still gain from the tax benefit. Example: -owe a 100K on house and pay 50K in fed taxes -Buy a bigger house -owe 400K on house but only pay 30K in fed taxes -Payment goes up 4K a month = 48K per year BUT save 20K in taxes Net: --pay 28K per year more but enjoy a much nicer house... Thoughts? Last edited by Itsallabout me : 02-05-2009 at 07:24 PM. |
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03-27-2009, 11:05 AM
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#2 |
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Registered User
Join Date: Mar 2006
Posts: 55
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2 things to do before you decide:
1) Check with an attorney to see if you are missing any tax rebate or grants. Many people are missing this! Once you get this done, you may be paying lesser tax. For example, do you know that you can put your child's education under BUSINESS EXPENSES? 2) Try foreclosure houses. These houses are, unfortunately, got under foreclosure and are selling at really cheap prices. Maybe you can get a bargain there. Here's one website that can help: http://www.nkthen.biz/houses/
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04-08-2009, 06:22 PM
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#3 |
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Registered User
Join Date: Jan 2009
Posts: 13
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There are definitely a number of tax breaks you can receive through property such as tapering benefits against capital gains payments when you sell your property. The best person to speak to is an accountant and often a good one can be worth many times their fees in money saved.
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