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Tax hike!!!!

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  • BearsWiin
    BearsWiin Member Posts: 5,072
    2001400ex said:

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    Most people either refi in a couple years to drop pmi or do a 80/10.
    The first years of a loan you're not paying much principal, mostly interest, so unless the property appreciates, uh, appreciably, refi-ing to get out of PMI isn't possible unless you've been paying extra principal above the regular mortgage amount every month
  • RaceBannon
    RaceBannon Member, Moderator, Swaye's Wigwam Posts: 113,883 Founders Club

    Yep

    Apparently

    Makes sense.
    DAWG sense?
  • 2001400ex
    2001400ex Member Posts: 29,457
    BearsWiin said:

    2001400ex said:

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    Most people either refi in a couple years to drop pmi or do a 80/10.
    The first years of a loan you're not paying much principal, mostly interest, so unless the property appreciates, uh, appreciably, refi-ing to get out of PMI isn't possible unless you've been paying extra principal above the regular mortgage amount every month
    I've owned 3 homes. One I was responsible and had more than 20% down. The other two I did not, one I was young and broke, the other I had my cash working for me. Both of those, I refinanced to drop PMI, one was in the 2000s with crazy appreciation. The other was a foreclosure in 09 that I essentially stole from the bank and was able to refinance in about 18 months.

    But yes if you are buying a house in a bidding war and homes don't continue to appreciate, that doesn't work.

    Another way is like you said, pay it down to the 20%. I don't pay more on my mortgage than the minimum. My rate is at 3.25% and I get way more than that for my cash in other ways. To each their own.
  • CirrhosisDawg
    CirrhosisDawg Member Posts: 6,390

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    GreenBob is also the guy who’s bragging about his investment returns under trump. “Even under the dips” he claimed. Meanwhile he’s paying pmi.
    Jfc. Troomp is gonna troomp.
  • greenblood
    greenblood Member Posts: 14,559

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    GreenBob is also the guy who’s bragging about his investment returns under trump. “Even under the dips” he claimed. Meanwhile he’s paying pmi.
    Jfc. Troomp is gonna troomp.
    My interest rate was 3%, when I went to refi, rates jumped to over 4%. Plus with closing fees, I was better off paying it in the end. BTW, when you and Hondo by your first home together you’ll know what I mean.
  • MikeDamone
    MikeDamone Member Posts: 37,781
    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    You’re a fucking idiot.


    https://www.mileiq.com/blog/pass-through-tax-deduction/
  • SFGbob
    SFGbob Member Posts: 33,183

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    GreenBob is also the guy who’s bragging about his investment returns under trump. “Even under the dips” he claimed. Meanwhile he’s paying pmi.
    Jfc. Troomp is gonna troomp.
    I never bragged about my investment returns under Trump. Is there a liberal here that isn't a liar? I just refuted Hondo's claim that banks won't let you borrow from your 401K for a down-payment on a first time home purchase.

  • greenblood
    greenblood Member Posts: 14,559
    And yes my twilio stock is at $113, I bought it at $28 in 17’...so yeah. I made about 80k on it. And you wonder why I didn’t just take that out and pay it off. Well...I have about 6 months left of PMI, and I am getting rid of it 2 years early by paying ahead. And my current rate of return plus tax consequence pretty much makes it a wash, so why waste my time now? Most of the gains have been in the last year.
  • SFGbob
    SFGbob Member Posts: 33,183

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    That's why I did an 80-10-10. Never had to pay the mortgage insurance.
  • greenblood
    greenblood Member Posts: 14,559

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    20% of what?
    Pmi means you are a credit risk to your lender.
    I own a sfr property in Pasadena ca. I don’t pay pmi.
    Trouble following along?
    You obviously have never bought a house. PMI kicks in at under 20% down regardless of credit. My credit isn’t the best...around 770 but good enough. Any home buyer using a FHA or conventional loan will have PMI if under 20% period.
  • greenblood
    greenblood Member Posts: 14,559
    Not meant for you Race, quoted the wrong post and can’t edit it

  • greenblood
    greenblood Member Posts: 14,559
    I probably should have done a 80-10-10.
  • 2001400ex
    2001400ex Member Posts: 29,457

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    You’re a fucking idiot.


    https://www.mileiq.com/blog/pass-through-tax-deduction/
    Hi there smart guy. Is that an itemized deduction?
  • 2001400ex
    2001400ex Member Posts: 29,457

    2001400ex said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    You’re a fucking idiot.


    https://www.mileiq.com/blog/pass-through-tax-deduction/
    Hi there smart guy. Is that an itemized deduction?
    Hey there dumbfuck. It’s how a sole proprietor would get a tax cut with all else being equal. Fuck nuts
    No shit. That has nothing to do with the discussion we had tho.
  • CirrhosisDawg
    CirrhosisDawg Member Posts: 6,390
    This is the most MAGA thread ever.
  • Sledog
    Sledog Member Posts: 37,754 Standard Supporter

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    Yep. 10% down in my id 20's for a house. How's your overpriced apartment?
    Mom doesn't charge him that much for hours basement "command center"
  • Sledog
    Sledog Member Posts: 37,754 Standard Supporter
    I just paid for the new house I built. Don't owe anything to anyone.

    Still have rental houses but I'm slowly getting rid of them.
  • CirrhosisDawg
    CirrhosisDawg Member Posts: 6,390
    Sledog said:

    I just paid for the new house I built. Don't owe anything to anyone.

    Still have rental houses but I'm slowly getting rid of them.

    Have you seen what greenbob has achieved bobsled? In this WTGWT-trumptastic economy? Hang in there, my uncompetitive friend.
  • Sledog
    Sledog Member Posts: 37,754 Standard Supporter

    Sledog said:

    I just paid for the new house I built. Don't owe anything to anyone.

    Still have rental houses but I'm slowly getting rid of them.

    Have you seen what greenbob has achieved bobsled? In this WTGWT-trumptastic economy? Hang in there, my uncompetitive friend.
    I already did my competing. Your still salvaging bunions. Waiting for your parents to die isn't a good investment strategy.
  • greenblood
    greenblood Member Posts: 14,559
    Sledog said:

    Sledog said:

    I just paid for the new house I built. Don't owe anything to anyone.

    Still have rental houses but I'm slowly getting rid of them.

    Have you seen what greenbob has achieved bobsled? In this WTGWT-trumptastic economy? Hang in there, my uncompetitive friend.
    I already did my competing. Your still salvaging bunions. Waiting for your parents to die isn't a good investment strategy.
    He got cocky again once his welfare checks returned.
  • CirrhosisDawg
    CirrhosisDawg Member Posts: 6,390

    And yes my twilio stock is at $113, I bought it at $28 in 17’...so yeah. I made about 80k on it. And you wonder why I didn’t just take that out and pay it off. Well...I have about 6 months left of PMI, and I am getting rid of it 2 years early by paying ahead. And my current rate of return plus tax consequence pretty much makes it a wash, so why waste my time now? Most of the gains have been in the last year.

    You sound pathetic.
  • MikeDamone
    MikeDamone Member Posts: 37,781
    2001400ex said:

    2001400ex said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    You’re a fucking idiot.


    https://www.mileiq.com/blog/pass-through-tax-deduction/
    Hi there smart guy. Is that an itemized deduction?
    Hey there dumbfuck. It’s how a sole proprietor would get a tax cut with all else being equal. Fuck nuts
    No shit. That has nothing to do with the discussion we had tho.
    Bullshit.

    Stop trying to cover your dumb ass
  • Sledog
    Sledog Member Posts: 37,754 Standard Supporter

    And yes my twilio stock is at $113, I bought it at $28 in 17’...so yeah. I made about 80k on it. And you wonder why I didn’t just take that out and pay it off. Well...I have about 6 months left of PMI, and I am getting rid of it 2 years early by paying ahead. And my current rate of return plus tax consequence pretty much makes it a wash, so why waste my time now? Most of the gains have been in the last year.

    You sound pathetic.
    Cdawg is hoping for a day when painting the house doesn't involve Earl Scheib.

    AOC gives him hope!
  • greenblood
    greenblood Member Posts: 14,559

    And yes my twilio stock is at $113, I bought it at $28 in 17’...so yeah. I made about 80k on it. And you wonder why I didn’t just take that out and pay it off. Well...I have about 6 months left of PMI, and I am getting rid of it 2 years early by paying ahead. And my current rate of return plus tax consequence pretty much makes it a wash, so why waste my time now? Most of the gains have been in the last year.

    You sound pathetic.
    You seem bitter...it’s ok, one day you’ll be able to love with yourself. There’s help out there for people like you.
  • pawz
    pawz Member, Moderator, Swaye's Wigwam Posts: 22,462 Founders Club
    2001400ex said:

    BearsWiin said:

    2001400ex said:

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    Most people either refi in a couple years to drop pmi or do a 80/10.
    The first years of a loan you're not paying much principal, mostly interest, so unless the property appreciates, uh, appreciably, refi-ing to get out of PMI isn't possible unless you've been paying extra principal above the regular mortgage amount every month

    I've owned 3 homes
    . One I was responsible and had more than 20% down. The other two I did not, one I was young and broke, the other I had my cash working for me. Both of those, I refinanced to drop PMI, one was in the 2000s with crazy appreciation. The other was a foreclosure in 09 that I essentially stole from the bank and was able to refinance in about 18 months.

    But yes if you are buying a house in a bidding war and homes don't continue to appreciate, that doesn't work.

    Another way is like you said, pay it down to the 20%. I don't pay more on my mortgage than the minimum. My rate is at 3.25% and I get way more than that for my cash in other ways. To each their own.
    No you haven't. Liar.

    Ask me how I know.

  • 2001400ex
    2001400ex Member Posts: 29,457
    pawz said:

    2001400ex said:

    BearsWiin said:

    2001400ex said:

    BearsWiin said:

    2001400ex said:

    As a Sole Prop I get to use my 24K standard deduction and nothing changed with my schedule C. Yes...my taxes went down bigly this year. No problem here

    Having a sole prop doesn't change your itemized deductions. HTH
    Correct, but since I make too much to be able write off mortgage insurance, mine and my wife's standard deduction was higher. This year the standard deduction is a lot higher.
    Mortgage insurance? 😂😂🤣
    3% down will get you into a sweet townhouse
    I put 10% down, needed 20% to not get the mortgage insurance. But I'm sure lot's of guys in their mid 20's have 20% lying around...
    Most people either refi in a couple years to drop pmi or do a 80/10.
    The first years of a loan you're not paying much principal, mostly interest, so unless the property appreciates, uh, appreciably, refi-ing to get out of PMI isn't possible unless you've been paying extra principal above the regular mortgage amount every month

    I've owned 3 homes
    . One I was responsible and had more than 20% down. The other two I did not, one I was young and broke, the other I had my cash working for me. Both of those, I refinanced to drop PMI, one was in the 2000s with crazy appreciation. The other was a foreclosure in 09 that I essentially stole from the bank and was able to refinance in about 18 months.

    But yes if you are buying a house in a bidding war and homes don't continue to appreciate, that doesn't work.

    Another way is like you said, pay it down to the 20%. I don't pay more on my mortgage than the minimum. My rate is at 3.25% and I get way more than that for my cash in other ways. To each their own.
    No you haven't. Liar.

    Ask me how I know.

    You know how I know you are poor?