Have you ever wanted to run for political office?

[my2¢]

I have a hard time believing that there are people out there that are smart enough to make money but dumb enough to think that tax deductions are good.

If I'm spending the money anyways, being able to deduct the expense from income is good. Very-very good.

 

[presonorek]

If I'm spending the money anyways

That usually isn't the case. Like the example you gave. You didn't spend the money anyways. You kept it. You didn't spend $15,000 to save $3,750.00 in taxes. You are $11,250 richer than you would have been if you would have opted for the tax deduction. True. You did pay an extra $3,750 in taxes but you are still better off without the deduction.

You'll get it in a few minutes. It will change your life. Paying taxes is great!

 

[Divine Wind]

I have a hard time believing that there are people out there that are smart enough to make money but dumb enough to think that tax deductions are good.

I'm beginning to see why you were never elected to office.

At the debate forums I made a comment that criticizing the false notion that a house was an investment. I told them that a house was a place to live rather than an investment. I got a lot of angry looks and a lot of confused looks.

It varies, but for most wage-earners, paying your own mortgage is a better deal than paying someone else's mortgage. Besides building equity, it goes back to your point of deductibles; a home mortgage is deductible while rent is not.

The problem, as many found in the housing market crash, are those who speculate on houses and buy one using an ARM that will rise above their level to pay. I know people who did this and lost big in the housing crunch. Others, like myself, were fine; I got a fixed 15 year mortgage and now own my house.

 

[presonorek]

I have a hard time believing that there are people out there that are smart enough to make money but dumb enough to think that tax deductions are good.

I'm beginning to see why you were never elected to office.

At the debate forums I made a comment that criticizing the false notion that a house was an investment. I told them that a house was a place to live rather than an investment. I got a lot of angry looks and a lot of confused looks.

It varies, but for most wage-earners, paying your own mortgage is a better deal than paying someone else's mortgage. Besides building equity, it goes back to your point of deductibles; a home mortgage is deductible while rent is not.

The problem, as many found in the housing market crash, are those who speculate on houses and buy one using an ARM that will rise above their level to pay. I know people who did this and lost big in the housing crunch. Others, like myself, were fine; I got a fixed 15 year mortgage and now own my house.

An investment earns money. A house requires you to pay property taxes on it. A house requires that you buy electricity for it. A house requires that you pay for running water. A house requires that you buy cleaning supplies for it. A house requires that you fix the roof when it is leaking. A house requires you to pay all sorts of expenses on it the whole time you own it. I call that an expense not an asset.

A rental property is an investment because it earns an income. The house where you live has no attributes of an investment. The house where you live costs you money. It doesn't earn you money.

 

[Divine Wind]

The idea that people would think I owe them for hold a sign makes me ill.

I DO hate when people run unopposed . Sometimes I think I should just run on the off chance the front runner gets busted for picking up whores a week before the election .

Then, like Trump, you run the risk of being elected to office and, if you bail, looking like an idiot or actually trying to hold office and still look like an idiot. Still, you might be better than the corrupt whore-mongering, lying POS you're running against.

 

[presonorek]

The idea that people would think I owe them for hold a sign makes me ill.

I DO hate when people run unopposed . Sometimes I think I should just run on the off chance the front runner gets busted for picking up whores a week before the election .

Then, like Trump, you run the risk of being elected to office and, if you bail, looking like an idiot or actually trying to hold office and still look like an idiot. Still, you might be better than the corrupt whore-mongering, lying POS you're running against.

Let the voters decide if they want you or not. It is up to them to decide if you are worthy or not. It is just like working. If your boss wants to pay you week after week ridiculous amounts of money then you need to keep working regardless of how you feel. You may think you should have been fired years ago. The boss determines your worth not you. The same thing goes for political office. Let the voters decide. Your own opinion doesn't matter.

 

[my2¢]

An investment earns money. A house requires you to pay property taxes on it. A house requires that you buy electricity for it. A house requires that you pay for running water. A house requires that you buy cleaning supplies for it. A house requires that you fix the roof when it is leaking. A house requires you to pay all sorts of expenses on it the whole time you own it. I call that an expense not an asset.

A rental property is an investment because it earns an income. The house where you live has no attributes of an investment. The house where you live costs you money. It doesn't earn you money.

I've also given thought to my son buying my house and me buying his and then renting them to each other.
Didn't go to far with that one either. Only tax games I've gotten away with is cashing duplicate state tax refund checks, but knowing the law I managed to do that legally.

Getting back to the issue at hand, if I were to run for office I'd run for county recorder because I would want to be in charge of elections. I'm pretty much an independent when it comes to politics and so I never would let the (D) or (R) determine my judgements.

 

[Markle]

That usually isn't the case. Like the example you gave. You didn't spend the money anyways. You kept it. You didn't spend $15,000 to save $3,750.00 in taxes. You are $11,250 richer than you would have been if you would have opted for the tax deduction. True. You did pay an extra $3,750 in taxes but you are still better off without the deduction.

You'll get it in a few minutes. It will change your life. Paying taxes is great!

Of course, that's usually the case. I was an independent contractor or business owner for the past 40+ years. Deductions not only reduce the cost of the item or items but also can move you to a lower tax bracket. Frequently there are tax deductions which can be taken all at once instead of over a period of years. For decades I met with my CPA in late September or October and we'd plan what I needed to do tax-wise the next year to pay the least amount of taxes possible. What tax-free exchanges I might make whatever. Then we'd get together in February or March go over my taxes for the previous year. Tony would work them out, and I'd write the check, sign the forms and off we went for another year. Of course, I filed quarterly, so we wound up the year.

 

[Divine Wind]

I have a hard time believing that there are people out there that are smart enough to make money but dumb enough to think that tax deductions are good.

If I'm spending the money anyways, being able to deduct the expense from income is good. Very-very good.

Agreed, but if you aren't it's lost money. Similarly, I tried to convince my ex that just because something's on sale for 50% off that doesn't mean we have to buy it. We're not saving anything, we're spending money. Now, if it was something we needed or wanted, that's different.

 

[80zephyr]

Ran for village trustee in 1980 at age 26, and was re-elected in 1982. Chose not to run again in 1984...to busy.

Mark

 

[Hossfly]

Ran for dogcatcher one year. Lost to a Korean restaurant owner. Gave up politics.

 

[blackhawk]

If I got into politics I would go broke paying my waterbill because of all the extra showers I would have to take to get rid of the stink.

 

[Markle]

An investment earns money. A house requires you to pay property taxes on it. A house requires that you buy electricity for it. A house requires that you pay for running water. A house requires that you buy cleaning supplies for it. A house requires that you fix the roof when it is leaking. A house requires you to pay all sorts of expenses on it the whole time you own it. I call that an expense not an asset.

A rental property is an investment because it earns an income. The house where you live has no attributes of an investment. The house where you live costs you money. It doesn't earn you money.

As a Realtor for over 40 years, I dispute your premise. If I rent the same house, I have no deduction for the mortgage interest which is usually what puts most people over the threshold so they can deduct dozens of other things. These are expenses one would have whether or not they own the house. You talk like I'm just handing someone $10,000 to save $2,500 on my taxes.

If I rent the same house, I still pay the taxes (included in the rent), electricity, water, cleaning supplies, mow the lawn all of which I have either way and are not deductible either way.

You also miss the fact that my investment is based on what I have invested not the purchase price of the house. A margin I can't get in the stock market. Say I buy a house for $300,000. I mortgage
$250,000 at 4% interest putting $50,000 down. Payments are $1,700. per month. Were I to rent the same house, my rent payments are going $3,000 per month. Of that $1,700 the first year $10,000 is a deduction plus taxes plus say $3,000 in property taxes.

I own the house for five years, I put in a new kitchen, carpet, paint, really spruce up the landscaping. Great neighborhood and I sell the house for $375,000 and net $350,000 meaning roughly a profit of $50,000 plus the $50,000 I put down so I made 100% profit. As my, or our house if I'm married, there are no taxes on the $50,000 profit so now I can put $100,000 down on the next house.

Using 1031 tax-free exchanges and good advisers a nice retirement portfolio can be put together.

 

[presonorek]

An investment earns money. A house requires you to pay property taxes on it. A house requires that you buy electricity for it. A house requires that you pay for running water. A house requires that you buy cleaning supplies for it. A house requires that you fix the roof when it is leaking. A house requires you to pay all sorts of expenses on it the whole time you own it. I call that an expense not an asset.

A rental property is an investment because it earns an income. The house where you live has no attributes of an investment. The house where you live costs you money. It doesn't earn you money.

As a Realtor for over 40 years, I dispute your premise. If I rent the same house, I have no deduction for the mortgage interest which is usually what puts most people over the threshold so they can deduct dozens of other things. These are expenses one would have whether or not they own the house. You talk like I'm just handing someone $10,000 to save $2,500 on my taxes.

If I rent the same house, I still pay the taxes (included in the rent), electricity, water, cleaning supplies, mow the lawn all of which I have either way and are not deductible either way.

You also miss the fact that my investment is based on what I have invested not the purchase price of the house. A margin I can't get in the stock market. Say I buy a house for $300,000. I mortgage
$250,000 at 4% interest putting $50,000 down. Payments are $1,700. per month. Were I to rent the same house, my rent payments are going $3,000 per month. Of that $1,700 the first year $10,000 is a deduction plus taxes plus say $3,000 in property taxes.

I own the house for five years, I put in a new kitchen, carpet, paint, really spruce up the landscaping. Great neighborhood and I sell the house for $375,000 and net $350,000 meaning roughly a profit of $50,000 plus the $50,000 I put down so I made 100% profit. As my, or our house if I'm married, there are no taxes on the $50,000 profit so now I can put $100,000 down on the next house.

Using 1031 tax-free exchanges and good advisers a nice retirement portfolio can be put together.

You have to live somewhere until the day you die. It is cheaper to live in a $30,000 piece of crap than a $300,000 "investment". You aren't going to sell either one. You have to live somewhere.

 

[presonorek]

I feel bad for pols . They are psycho magnets ! Every kook feels entitled to harass their local elected official for stupid shit . And you can't tell the voter to **** off, no matter how crazy they are !

Sure you can.

 

[presonorek]

Oh wow! I forgot I started this thread. I finally did get elected to office and boy does it suck.

I haven't even taken office yet and I am being dragged through the mud. It sucks.

 

[anynameyouwish]

Have you ever wanted to run for a local political office?

not seriously

but i have imagined what i would do if i had the political power to do it.

imagine if hate mongers from the left and right were all shipped to alaska...

and canada built a wall