What is the 'S' gear for?

[Roert42]

They went well north of 20% in the early 80’s...

Now I feel like a real winner.

 

[sgtsandman]

D is for drag, S is for speed, R is for race, and P is for going plaid.

 

[sgtsandman]

I was too young to really care about mortgage interest rates then but I do remember people talking about how high they were.

Companies are trying to get me to refinance my 2.75% mortgage. Not a chance. I hit the lottery on that one and I’m not about to lose it!

 

[RonD]

Whats a mortgage?

Yes I am old, and in Canada, up here you can't write off interest on mortgages, so better to pay it off.
But they don't tax lottery winnings, I would have rather had the write off since I am not likely to win a lottery I don't buy tickets for

S is for Steve, it was his car with custom shifter

 

[85_Ranger4x4]

Whats a mortgage?

Yes I am old, and in Canada, up here you can't write off interest on mortgages, so better to pay it off.
But they don't tax lottery winnings, I would have rather had the write off since I am not likely to win a lottery I don't buy tickets for

S is for Steve, it was his car with custom shifter

A guy in Nebraska has won twice this year. $50k this spring and he just won $100k... same gas station and everything. IRS is gonna love him.

 

[Roert42]

Don’t quote me in this, but I don’t think you can right off your mortgage on your federal taxes either anymore.

 

[85_Ranger4x4]

Don’t quote me in this, but I don’t think you can right off your mortgage on your federal taxes either anymore.

Yeah, that changed a couple years ago.

 

[1990RangerinSK]

My dad told me many years ago what the letters stand for, let's see if I can remember......

(P)ark
(R)ace
(N)owhere
(D)rag
(S)queal
(L)eap

So Jim's missing the Leap gear, and I'm going to guess that only every fourth car had one.

 

[RonD]

Leap gear..............I like it


IRS just lowered the limit in 2018 deduction is still there
If you had a $1,000,000 or less mortgage all interest paid could be subtract from your income
In 2018 it was lowered to $750,000 mortgage
You can also deduct interest paid on vacation home mortgages, second residence, as long as they are never rented out, but total of both can't exceed $750,000, well they can but you can only deduct the interest paid on $750,000 part of it
And each mortgage needs to be secured by the residence involved.

But they added an "except" rule, if you remortgage or do a second mortgage then ALL of that money must be used for the residence for it to qualify for the interest deduction
Home/property improvements
If you pay off debt(besides the old mortgage) or buy a nice boat....................no deduction allowed, bastards, lol

 

[JohnnyO]

Don’t quote me in this, but I don’t think you can right off your mortgage on your federal taxes either anymore.

You can but only if you have enough deductions to itemize. For most people the standard deduction is higher than your total of itemized deductions. Last year the standard deduction was $24,400 for married couples filing jointly so if your state income tax, property tax, and mortgage interest isn't close to that then there is no point in adding up the other stuff that is deductible. I haven't been close to that in years. What did change under Trump is a cap called the SALT deduction which put a $10,000 limit on deducting State And Local Taxes which affects mostly rich people in high tax states. If you made enough money that your state and local income tax was say $14,000, now you can only deduct $10,000 max which will make your Federal income tax higher so essentially this was a tax increase on The Rich. Also a while ago I think when Obama was President they eliminated the tax deduction for interest and property taxes on second homes.

 

[19Walt93]

The 8 1/4% was before Jimmy Carter got elected, the 10 3/4% was during his term. Being young and stupid I voted for the knucklehead.
I was never able to deduct my mortgage interest because I built my first house myself slowly out of pocket so I had $40,000 to go toward building this one, my land came from my grandparents after they died, and my house is simple to the point of spartan so I didn't have a big enough mortgage to get a deduction. Had I built a fancy house I could have deducted the interest and forced my expenses onto others. Allowing high state taxes to be deducted from federal taxes makes those of us in frugal states-like NH- subsidize the big spenders. If a states residents vote for big spenders, they should have to pay their own bills. If the government "gave" it to you, you paid for it. The government has no money unless they take it from the people who earned it. "Free stuff" ain't free.