Calling sitti ankul and other financial experts. I have a question about mortgage

[veerigadu]

If Mortagage interests can be claimed as deductibles during taxes. Why people are panicking alot with 1% increase in interest. 

Mana home loan 800k under lo unnanthavarakuuuu we can claim interests paid during tax claiming time right?

Please educate me if I'm wrong. Thanks 

@Spartan

 

 

[Moon_Walker]

46 minutes ago, veerigadu said:

If Mortagage interests can be claimed as deductibles during taxes. Why people are panicking alot with 1% increase in interest. 

Mana home loan 800k under lo unnanthavarakuuuu we can claim interests paid during taxes right?

Please educate me if I'm wrong. Thanks 

@Spartan

 

 

Even i had doubts on how much really can we include interests paid for tax deduction.

From  what i heard from my tax consultant there was some change in law where only loans above 1 million plus will have some tax benefit. Otherwise it will be negligible if its around 600K range loans after the standard deduction is applied.

I want @Spartan expertise here to verify this.

[veerigadu]

24 minutes ago, Moon_Walker said:

Even i had doubts on how much really can we include interests paid for tax deduction.

From  what i heard from my tax consultant there was some change in law where only loans above 1 million plus will have some tax benefit. Otherwise it will be negligible if its around 600K range loans after the standard deduction is applied.

I want @Spartan expertise here to verify this.

Yeah. There is some ambiguity here. 

[Sonu_Patel]

calling @Spartan and @Vaampire for throwing some torch light here

[dewarist]

Standard deduction slab was modified in 2018 i guess. It got increased to 25 K for joint filers

Unless you are exceeding this mark , it does not matter and it is negligible for 400K-700K loans

[Vaampire]

Tax deductible limits eppudo marayi. Not big benefit now.

even tax deductions lo cover ayina adhi 30-40% ey gaa. Migithadi bokke gaa

[veerigadu]

2 minutes ago, Vaampire said:

Tax deductible limits eppudo marayi. Not big benefit now.

even tax deductions lo cover ayina adhi 30-40% ey gaa. Migithadi bokke gaa

750K antunnaru anna....Meee bay area lo light gani. 

Georgia and florida lo antha kanteee ekkuva scene ille....

[Moon_Walker]

24 minutes ago, dewarist said:

Standard deduction slab was modified in 2018 i guess. It got increased to 25 K for joint filers

Unless you are exceeding this mark , it does not matter and it is negligible for 400K-700K loans

Can you explain in the bold part. How is that determined?

[godfather03]

42 minutes ago, Sonu_Patel said:

calling @Spartan and @Vaampire for throwing some torch light here

@Picheshwar

[dewarist]

3 minutes ago, Moon_Walker said:

Can you explain in the bold part. How is that determined?

Things like Mortgage Interest Payments, Charity payments , Student loans etc can be included in Standard Deduction.

Based on the filing status , you have a standard slab that you can claim irrespective of what your actual expenses are. You would itemize if you are exceeding the standard limit and then claim tax deductions.

[dewarist]

Ayina ee bidding market lo evaru kontunnaro, they are paying upfront payments to cover the bid amount. The loan amounts have not changed. This is my understanding. Banks are not funding the loan amounts exceeding the home value.

[dewarist]

Previous slab 12.5K inka undi unte, baaga benefit undedi

[Swatkat]

2 hours ago, veerigadu said:

If Mortagage interests can be claimed as deductibles during taxes. Why people are panicking alot with 1% increase in interest. 

Mana home loan 800k under lo unnanthavarakuuuu we can claim interests paid during tax claiming time right?

Please educate me if I'm wrong. Thanks 

@Spartan

 

 

Congrats bro

[Moon_Walker]

15 minutes ago, dewarist said:

Previous slab 12.5K inka undi unte, baaga benefit undedi

How was this slab different in terms of claiming interest for deduction?

[dewarist]

8 minutes ago, Moon_Walker said:

How was this slab different in terms of claiming interest for deduction?

Prior to 2017, the standard deduction limit was 12.5 for joint filers. With higher interest rates it is easier now to cross this limit and claim any excess. But now the limit is 25K