SALT and mortgage deductions

[LuFins Dad]

@george-k said in SALT and mortgage deductions:

@jolly taxes are $8900???

DaFuq?

I read that as taxes were $1036, the assessed value was $8900...

[Renauda]

@jon-nyc said in SALT and mortgage deductions:

It’s really a bank subsidy.

The older folks here will remember when all interest was deductible here, even credit card and auto. It was a big banking subsidy.

It’s not even a subsidy for homeownership, it’s a subsidy for “home borrowership”.

Never thought of it that way. Makes sense though.

As if the banking sector needs subsidies.

[jon-nyc]

Yeah, to really subsidize household formation they could subsidize down payments, for example. Even limit it to the first home purchase. And not waste the subsidy on established households in their second or third home.

[Kincaid]

The Trump standard deduction came just in time for us, as we get close to paying off our house. I think the highest itemized deductions we ever hit were $23-24k. I think the year before the new standard deduction we had dropped to about $19k.

Our 2600 sq foot house, built in 2004, is worth maybe about $425,000. I thought I was rightfully grousing about our property tax bill, which still is less than $5k. You do need to remember we do not pay sales tax in Oregon, so that helps, but they just instituted a vehicle tax for purchases. Used to be that you would pay about $150 to license your new car. Now it is about $500 for a $20,000 car.