Subj : Income Tax Differences
To   : MIKE POWELL
From : Rob Mccart
Date : Fri Feb 28 2025 01:35:00

MP>We can write off interest *but* it is only really a benefit early on in you
  >mortgage, when the interest payments are higher.  In KY you can do that on
  >your state taxes, too.  It has not been of any benefit to me for several
  >years now as my mortgage is 10+ yrs old.

RM>> But if your mortgage is over 25 or 30 years there still must be a
  >> fair amount going to interest.

MP>Yes, there is, but it is not enough to write off.  You *can* write it off,
  >but it is not to your benefit.  We have something called a "standard
  >deduction" that AFAIK everyone can take on their individual income tax.
  >The home mortage interest is only of value so long as (added up with a
  >few other things, like charitable contributions, personal property tax,
  >etc.) it is *greater than* the standard deduction.

I see.. we have things like that here where it looks like you'll save
some tax doing something but, in the long run, it's better to not do it.

Ironically my biggest problem over the years was showing them where
my income was coming from. My expenses are ridiculously low in this
day and age and, until my pensions came in, it never looked like I
was making nearly enough money to live on, but didn't have any gov't
source of income (think Welfare) so, their natural assumption would
be that I am not reporting all my drug running income..   B)

So I went out of my way to report every penny I made doing small jobs
for the neighbours even though they paid me in cash and it wouldn't
be reported anywhere, the ideal type of income that most people would
never report..

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 * SLMR Rob  * ... To boldly go where no sane person has any business
 * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)

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