To: Sonny McWilliams who wrote (24294 ) 8/25/1999 11:08:00 AM From: Ann Janssen Read Replies (2) | Respond to of 27012
Hi Sonny, Where, here, when the other day (post 24245), how, called me Margaret. I just had to rib you a little, Tony Can't have all the fun, ya know. <GGGG> Yes, I am considering buying property to rent. I just can't make up my mind on what I want to do. I have some relatives that has amassed a good sized net worth with rental properties. They also purchased a business that they started in their home and it has grown over the years. I see what they are able write off and it just amazes me. We have gotten to the point where uncle sam is going to be taking a huge chunk of my money. I am looking for some tax write offs and having another baby is out of the question. <GGG> I am usually looking out 10 years ahead. In 10 years I won't be able to deduct the house (interest, property taxes). And I am certainly not going to tell my company... Naw I don't want that raise. The other option is to re-mortgage my house and invest in in the stock market. Which I don't know If I want to do that either. We'll see when the house gets closer to being paid off. It just seems like such a double edged sword. You want to pay your house off but you want/need the tax write-off. We ran into this with our 1st home. We couldn't deduct the interest because it wasn't enough to deduct, to big of a down payment. It was just like one of those $300,000 houses in San Jose. LOL!!! I'm just frustrated because I do all these 'smart' things to build our assets/net worth and then get hit with a tax bill because of it. But on the other hand it is kind of funny to see the some of the banks get clobbered because Bank Ones their credit card unit isn't doing so well. Well I'd better get back to it. Yack at ya later!! Take Care Ann