Tax matter for forum

[Robert A Whit]

Given that many of us want the US Government to cut back spending, I seek your opinion on this matter.

I get noticed over tax matters that impact those owning real estate. I got this notice. I plan to reply back to the group

What is your advice to me on your behalf?



Government Affairs Action for the Week of July 28, 2013

by David C. Stark, Public Affairs Director, Bay East Association of REALTORS®
Put the Mortgage Interest Deduction Back in the Tax Code: The National Association of REALTORS® Call for Action on the Mortgage Interest Deduction is still live.
The Senate Finance Committee is taking a "blank slate" approach to tax reform. The Committee plans to remove all deductions, exemptions and tax credits related to purchasing and owning a home from the federal income tax code.
We need you to contact your senators by responding to the Call for Action to put the Mortgage Interest Deduction and other home ownership-related deductions and credits back into the tax code.

[fj1200]

Not that it will matter but... kill the mortgage interest deduction. Constituency based deductions should be eliminated.

[Robert A Whit]

Not that it will matter but... kill the mortgage interest deduction. Constituency based deductions should be eliminated.

Thanks.

1 for kill

[Marcus Aurelius]

Given that many of us want the US Government to cut back spending, I seek your opinion on this matter.

I get noticed over tax matters that impact those owning real estate. I got this notice. I plan to reply back to the group

What is your advice to me on your behalf?



Government Affairs Action for the Week of July 28, 2013

by David C. Stark, Public Affairs Director, Bay East Association of REALTORS®
Put the Mortgage Interest Deduction Back in the Tax Code: The National Association of REALTORS® Call for Action on the Mortgage Interest Deduction is still live.
The Senate Finance Committee is taking a "blank slate" approach to tax reform. The Committee plans to remove all deductions, exemptions and tax credits related to purchasing and owning a home from the federal income tax code.
We need you to contact your senators by responding to the Call for Action to put the Mortgage Interest Deduction and other home ownership-related deductions and credits back into the tax code.




Consult a tax expert instead of posters political forum. You know, a 'real' expert. Preferably someone with an IQ 'well over' a certain level.

[fj1200]

Consult a tax expert instead of posters political forum. You know, a 'real' expert. Preferably someone with an IQ 'well over' a certain level.

Because it's not a tax question per se but a matter of policy.

[Marcus Aurelius]

Because it's not a tax question per se but a matter of policy.

A tax expert would know the best ways around it, through it, over it, options that would help negate the loss of the deduction, etc.

[fj1200]

A tax expert would know the best ways around it, through it, over it, options that would help negate the loss of the deduction, etc.

I believe that he is asking the opinion of the board of whether he, as a real estate professional, should toe the NAR line of opposing any removal of the MI deduction. To which I already replied that it should be killed with extreme prejudice along with other constituency based deductions. Maybe even a little extreme interrogation techniques thrown in to keep other deductions from trying to sneak in. :)

[Robert A Whit]

7 replies

1 to kill the deduction

[Robert A Whit]

I believe that he is asking the opinion of the board of whether he, as a real estate professional, should toe the NAR line of opposing any removal of the MI deduction. To which I already replied that it should be killed with extreme prejudice along with other constituency based deductions. Maybe even a little extreme interrogation techniques thrown in to keep other deductions from trying to sneak in. :)

I seriously am asking since I plan to follow up and use the system at the Real Estate group to reply.

I do not believe 1 comment to kill is representative.

It is only Friday and I won't reply back to the RE group till next week.

The NAR is always trying to favor home owners. For the past 42 years, they have not wavered.

To some, that deduction is very important. If the home is paid off, I doubt it matters to those people.

If it ends up that I get just one vote, I plan to be the tie breaker.

[jimnyc]

Consult a tax expert instead of posters political forum. You know, a 'real' expert. Preferably someone with an IQ 'well over' a certain level.

Please cease with the IQ stuff and baiting him in the political threads. Thx

[fj1200]

I seriously am asking since I plan to follow up and use the system at the Real Estate group to reply.

I do not believe 1 comment to kill is representative.

It is only Friday and I won't reply back to the RE group till next week.

The NAR is always trying to favor home owners. For the past 42 years, they have not wavered.

To some, that deduction is very important. If the home is paid off, I doubt it matters to those people.

If it ends up that I get just one vote, I plan to be the tie breaker.

I'm sure that there position is wholly unselfish. :poke: Besides that the tax code shouldn't be used to favor one group of citizens over another the last I knew the MID was not used by a large percentage of filers as the standard deduction more than covered the interest that could be deducted anyway. You might have heard more updated stats. It also has the disadvantage of favoring debt by lowering the after tax cost of interest.

[Robert A Whit]

I'm sure that there position is wholly unselfish. :poke: Besides that the tax code shouldn't be used to favor one group of citizens over another the last I knew the MID was not used by a large percentage of filers as the standard deduction more than covered the interest that could be deducted anyway. You might have heard more updated stats. It also has the disadvantage of favoring debt by lowering the after tax cost of interest.

Thank you for your very fine analysis.

I agree it is a benefit to homeowners yet so is the renter deduction to renters. People may rent or own paid off homes much longer than those who own homes. I appreciate your point that some can do as well or better with the standard deduction.

I understand that all deductions are on the table.

[fj1200]

Thank you for your very fine analysis.

I agree it is a benefit to homeowners yet so is the renter deduction to renters. People may rent or own paid off homes much longer than those who own homes. I appreciate your point that some can do as well or better with the standard deduction.

I understand that all deductions are on the table.

Would that be the mythical renters deduction that I have heard of but never seen? Anyway, I'm sure whatever committee that is looking at the issue won't come up with anything worthwhile especially if it's Dem led.

[Robert A Whit]

http://www.debatepolicy.com/images/debate_policy/misc/quote_icon.png Originally Posted by Robert A Whit http://www.debatepolicy.com/images/debate_policy/buttons/viewpost-right.png (http://www.debatepolicy.com/showthread.php?p=655791#post655791)
Thank you for your very fine analysis.

I agree it is a benefit to homeowners yet so is the renter deduction to renters. People may rent or own paid off homes much longer than those who own homes. I appreciate your point that some can do as well or better with the standard deduction.

I understand that all deductions are on the table.


Would that be the mythical renters deduction that I have heard of but never seen? Anyway, I'm sure whatever committee that is looking at the issue won't come up with anything worthwhile especially if it's Dem led.

It is for real but may not be available to people with very high incomes. I take a renters deduction due to renting an office.

I prefer they do not end that deduction since it is part of overhead.

I have no hope for tax solutions such as the FAIR Tax, my preference.

I am not incorporated so cutting corporation taxes will not help at all.

[fj1200]

It is for real but may not be available to people with very high incomes. I take a renters deduction due to renting an office.

I prefer they do not end that deduction since it is part of overhead.

I have no hope for tax solutions such as the FAIR Tax, my preference.

I am not incorporated so cutting corporation taxes will not help at all.

I think that falls under business expenses and not a renter's deduction that would be available on one's domicile.

Nevertheless I would certainly be happy with the FairTax but in the interim along with my 17th position I add to that, eliminate the corporate income tax!

[Robert A Whit]

I think that falls under business expenses and not a renter's deduction that would be available on one's domicile.

Nevertheless I would certainly be happy with the FairTax but in the interim along with my 17th position I add to that, eliminate the corporate income tax!

You are sort of right but I deduct office rent.

I agree that we should revoke the 17th amendment and fix the problems that caused it.

They tax business on the bottom line and rent expense is not profit.