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

[Spartan]

if you are buying house for 1M$ let say.

And you take loan for 800K with 20% down.

you pay interest for 800K , but u can claim deduction on interest paid upto 750K only.

now comes the tricky part, intaka mundu married fiing jointly vallaki standard deduction 12500 unde.

so mortgage unna vallaki deduction dani kanna ekkuva untunde, they used to go for custom deduction 23K ala undi, paisal return ostunde.

 

but from 2018 a std deduction amount 23K chesadu and every year pergutundi..so std deduction amount is more that ur custom deduction (ref to above calculation).

anduke it doesnt make any diff in tax if u go custom deduction, infact u will loose the deduction benefit.

========================

 

interest rates perigina manam teskune loans at max 800K datavu...so a interest deduction lo veskunna..oka 800-1000$ teda vastadi ante.

most of the people prefer going std deduction route...and might miss out on that 800-1000$ if they sign up for higher interest rate and loan 750+

 

PS:  1% increase ki panicking is not related to tax payment @veerigadu , panic is about increase in monthy payments for home

intak mundu 1M home ki 800K loan teskunte 3200 ki atu itu ga kadtunde...but with that 1% increase they wil end up paying 3750-3800, which impacts the middle class folks.

a additional 600$ property tax kosam kattukundam anukunnou, now pay that as interest.

@veerigadu @Moon_Walker

[Moon_Walker]

56 minutes ago, Spartan said:

if you are buying house for 1M$ let say.

And you take loan for 800K with 20% down.

you pay interest for 800K , but u can claim deduction on interest paid upto 750K only.

now comes the tricky part, intaka mundu married fiing jointly vallaki standard deduction 12500 unde.

so mortgage unna vallaki deduction dani kanna ekkuva untunde, they used to go for custom deduction 23K ala undi, paisal return ostunde.

 

but from 2018 a std deduction amount 23K chesadu and every year pergutundi..so std deduction amount is more that ur custom deduction (ref to above calculation).

anduke it doesnt make any diff in tax if u go custom deduction, infact u will loose the deduction benefit.

========================

 

interest rates perigina manam teskune loans at max 800K datavu...so a interest deduction lo veskunna..oka 800-1000$ teda vastadi ante.

most of the people prefer going std deduction route...and might miss out on that 800-1000$ if they sign up for higher interest rate and loan 750+

 

PS:  1% increase ki panicking is not related to tax payment @veerigadu , panic is about increase in monthy payments for home

intak mundu 1M home ki 800K loan teskunte 3200 ki atu itu ga kadtunde...but with that 1% increase they wil end up paying 3750-3800, which impacts the middle class folks.

a additional 600$ property tax kosam kattukundam anukunnou, now pay that as interest.

@veerigadu @Moon_Walker

👌 nicely explained. 

 

I had some over optimistic idea that we can deduct the entire interest apart from standard deduction. 

Mothhaniki challani nellu challavau naa meedha to tell the reality of standard deduction acts as the max cap and we cant go over it no matter what.

 

[Vaampire]

Dint realize that this thread is started by @veerigadu

man no offense. But idhi telvakunda home buying meedha suggestions isthunnavu nuvvu. U shouldnt be doing it man.

[Spartan]

23 minutes ago, Moon_Walker said:

👌 nicely explained. 

I had some over optimistic idea that we can deduct the entire interest apart from standard deduction. 

Mothhaniki challani nellu challavau naa meedha to tell the reality of standard deduction acts as the max cap and we cant go over it no matter what.

yes, anduke chala mandi home owners wanted to go back to old slabs of std deduction...

but I prefer the current ones.

there is a added benefit for peope who bought(closed dea) home before Jan 2018. they dont have that limit of 750K loan. they can claim interest paid on loans over that amount.  appudu Itemized cheskunte oka 1K ala ekkuva vastai vapas.

[veerigadu]

39 minutes ago, Vaampire said:

Dint realize that this thread is started by @veerigadu

man no offense. But idhi telvakunda home buying meedha suggestions isthunnavu nuvvu. U shouldnt be doing it man.

Nenu inkaaa home purchasing boat dhataleee anna. Aaa process dhatinavallaniii anduke asking. Thinking from multiple perspectives. 

As far as konadam gurinchi antava....Naaa opinion edho nenuuu septhaaa. Yevvariii ishtam and availability batti valluuu decide sesukuntaru. I'm not taking any offense anyways. Dont worry. 

 

I think for my budget, I will be still covered with those deductions. Even if interest rates rise another 1.5% it shouldnt make much difference to me. Tampa lo homes are not that expensive. 500-600K range lo manchi 4br homes unnayi. FL lo taxes kuda thakkuveee

[LazyRohit]

E thread edo bagundi crypto taxes ela tesaru evaranna cheppandi bhayyas.

[San_K]

1 hour ago, LazyRohit said:

E thread edo bagundi crypto taxes ela tesaru evaranna cheppandi bhayyas.

Coinbase lo aithey you can download the forms - Coinbase -> Account -> Taxes -> Documents . Migathadhi antha same to same like stocks.

[Spartan]

2 hours ago, San_K said:

Coinbase lo aithey you can download the forms - Coinbase -> Account -> Taxes -> Documents . Migathadhi antha same to same like stocks.

verevi unte excel sheet maintain cheyali