Subj : Re: Chinese Scientists Cr
To   : MIKE POWELL
From : Rob Mccart
Date : Wed Feb 26 2025 01:08:00

RM>> I don't know if it's universal but I believe you guys can write off
  >> your mortgage payments (or interest?) against your income at tax time
  >> which saves you a lot of money.

MP>We can write off interest *but* it is only really a benefit early on in your
  >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.

But if your mortgage is over 25 or 30 years there still must be a
fair amount going to interest. In any case, just to toss out some
random figures, if you have a $250,000 mortgage at 6% over 25 years
you would over that time pay $229,855 in interest that you wrote off
at some point.

RM>> Here our advantage is your *Principal* residence can be sold at a
  >> huge profit without any Capital Gains tax involved.

MP>That *is* nice. ;)

Do you pay tax on the amount your house goes up in value if you
sell it?

A question off topic, which is funny considering the question..
Lots of conversations going on in the conference which is called
FI-Consprc. I assume FI is Fido? What is this area supposed to be
used to discuss?

If Consprc is short for Conspiracy then maybe some of this might
still be on topic..   B)

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 * SLMR Rob  * We have met the enemy, and they tasted GREAT!
 * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)

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