The IRS says you can deduct the interest on your mortgage but I can’t deduct when the rent goes up? Mortgages are usually fixed rates that stay about the same always while rent is constantly going up.
Bank pays interest on their income. That interest rate IS their income. Yes double taxing would be bad.
But thanks for proving my point! You cannot deduct your mortgage. You can only deduct specific aspects of it. All of which is not the actual mortgage principal itself. So when you buy a $500k house… even putting 20% down and end up paying $506k in interest over the loans lifetime… Yeah, you’re not paying interest on another companies income. That’s pretty standard. You’re still going to be paying taxes on the 500k principal balance of your mortgage, and property taxes on top of that!
while rent is constantly going up.
Yes because materials to effect repairs on your house/apartment are also going up. Skilled labor costs for effecting those repairs are also going up. Property taxes are going up. Costs to insure properties are going up. HOA costs are going up (If you live in one). Mortgages are NOT the only thing that your landlord has to think about. Nor the only thing that they need in order to break even on the property itself. But you wouldn’t know since you apparently have never owned one before. Lots of people are being priced out of their own OWNED homes due to the above factors.
Hell I had to replace the roofing on my patio… A 10x30 square fucking roof. Cost me nearly $6k. That shit would have been like $2-3k a few years ago. If I were to rent that house, I’d need to add $100/mo in order to account for that cost over the next 20 months… Where inevitably something else will break and I’d have to find money for that too.
If you want to be pissed that your rent is rising, be pissed at the people currently fucking up the economy and making everything fucking harder. That’s why rent is rising. It’s a pressure on EVERYONE renting properties out to raise so they can all do it safely without worrying about market competition.
Mortgages are not fixed rates that stay the same always. My home insurance just went up 800% in the last 2 years. That’s part of my mortgage. Taxes also went up by 35%. That’s also part of my mortgage.
Cost of a roof replacement was 10k 6 years ago. Last year I had to take out a loan at 8% to pay 8k. That’s a purchase that has to be amortized in less than 15 years because that’s what insurance company demads.
Had to replace my garage door springs, it cost 640. Same company, same springs as my neighbor who replaced 3 years ago. His cost: 280.
I’m not a landlord but it’s clear your not a homeowner either if you believe prices don’t go up.
Why don’t you blame the real problem here. The Billionaires who are violently repressing our wages so we fight over bullshit.
Yes Insurance is part of my mortgage. It’s called escrow but even if it wasn’t escrow. It is required to have a mortgage and therefore inseparable.
Same thing with the roof as it is required to replace it every 15 years. That is non negotiable. When my roof turned 16 years old - I was unequivocally dropped and unable to find insurance. I went through 7 different brokers.
Regardless they’re all costs that I have to pay because it’s part of the property.
Why do you think I should pay for them and not charge you?
Oh yeah? https://www.irs.gov/publications/p936
The IRS says you can deduct the interest on your mortgage but I can’t deduct when the rent goes up? Mortgages are usually fixed rates that stay about the same always while rent is constantly going up.
Bank pays interest on their income. That interest rate IS their income. Yes double taxing would be bad.
But thanks for proving my point! You cannot deduct your mortgage. You can only deduct specific aspects of it. All of which is not the actual mortgage principal itself. So when you buy a $500k house… even putting 20% down and end up paying $506k in interest over the loans lifetime… Yeah, you’re not paying interest on another companies income. That’s pretty standard. You’re still going to be paying taxes on the 500k principal balance of your mortgage, and property taxes on top of that!
Yes because materials to effect repairs on your house/apartment are also going up. Skilled labor costs for effecting those repairs are also going up. Property taxes are going up. Costs to insure properties are going up. HOA costs are going up (If you live in one). Mortgages are NOT the only thing that your landlord has to think about. Nor the only thing that they need in order to break even on the property itself. But you wouldn’t know since you apparently have never owned one before. Lots of people are being priced out of their own OWNED homes due to the above factors. Hell I had to replace the roofing on my patio… A 10x30 square fucking roof. Cost me nearly $6k. That shit would have been like $2-3k a few years ago. If I were to rent that house, I’d need to add $100/mo in order to account for that cost over the next 20 months… Where inevitably something else will break and I’d have to find money for that too. If you want to be pissed that your rent is rising, be pissed at the people currently fucking up the economy and making everything fucking harder. That’s why rent is rising. It’s a pressure on EVERYONE renting properties out to raise so they can all do it safely without worrying about market competition.
💀
Mortgages are not fixed rates that stay the same always. My home insurance just went up 800% in the last 2 years. That’s part of my mortgage. Taxes also went up by 35%. That’s also part of my mortgage.
Cost of a roof replacement was 10k 6 years ago. Last year I had to take out a loan at 8% to pay 8k. That’s a purchase that has to be amortized in less than 15 years because that’s what insurance company demads.
Had to replace my garage door springs, it cost 640. Same company, same springs as my neighbor who replaced 3 years ago. His cost: 280.
I’m not a landlord but it’s clear your not a homeowner either if you believe prices don’t go up.
Why don’t you blame the real problem here. The Billionaires who are violently repressing our wages so we fight over bullshit.
None of those are “part of your mortgage” They’re things you pay as well as a mortgage.
Yes Insurance is part of my mortgage. It’s called escrow but even if it wasn’t escrow. It is required to have a mortgage and therefore inseparable.
Same thing with the roof as it is required to replace it every 15 years. That is non negotiable. When my roof turned 16 years old - I was unequivocally dropped and unable to find insurance. I went through 7 different brokers.
Regardless they’re all costs that I have to pay because it’s part of the property.
Why do you think I should pay for them and not charge you?
So a mortgage is part of your mortgage? It’s literally not your mortgage, it’s a cost of having a mortgage just like food isn’t healthcare.