@jeffowski as someone who does mortgage interest deduction (and had rented for 20 years prior to that), I would really support making a portion of rent deductible at tax time! The cost of living in an area should influence the percentage, too.
My "mortage" will deduct me before my mortgage does.
But seriously, I've never heard of a tax deduction for an asset I don't own. A 1099 can deduct expenses so if your rent was part of your job like a travel nurse, you could likely justify a rent deduction.
Beyond that, if you don't pay taxes on an asset then you don't get a deduction.
I'd love to deduct my mortgage, but it's only the interest on the mortgage that's eligible.
Maybe the solve you're seeking is for tenants to be able to write off an amount of their rent equivalent to some pro-rata portion of the landlord's mortgage interest?
@alex The problem from the government’s pov is the interest is then being deducted twice, once by the landlord and again by the renter.
In California we do have a renter’s tax credit. (And for awhile. Likely a consequence of 1976’s Prop 13 when commercial properties got a huge rollback in valuations, saved on property taxes, and pocketed the windfall.)
@tootymctootface@jeffowski oh so you can borrow money for free to artificially lower the amount of available homes on the market? Then turn around and jack up rents, squeezing workers so you don't have to work yourself? Go lick boots somewhere else.
@lonerfanatic@tootymctootface@jeffowski No you can not borrow money for free. You can deduct the money you paid for mortgage interest from your income which means that your tax is reduced by a fraction of what you paid in interest. And then, you can only do that if you itemize your deductions. Since the standard deduction was raised in 2017, millions of folks (like me) can no longer deduct mortgage interest.
@cohomologyisFUN@JohnS_AZ@lonerfanatic@jeffowski you really think billionaires carry mortgages? OPs point is just wrong on so many levels, unless the middle class is somehow benefitting from “class warfare.” The tax code for billionaires completely fucks everyone, but making false claims about people that pay mortgages being somehow involved in class warfare is just factually wrong on every level, and one that likely stems from a sense of entitlement.
@tootymctootface@JohnS_AZ@lonerfanatic@jeffowski not billionaires, but plenty of well-off folks, whom I would not classify as middle class. Yes, you can pay a mortgage on your super-expensive house and still be involved in class warfare
@cohomologyisFUN@JohnS_AZ@lonerfanatic@jeffowski you mean to tell me people that have jobs, own homes, pay more taxes than any other segment of the entire population are the ones engaged in class warfare? Get a grip. Billionaires and corporations are the ones that don’t pay taxes behave thy can afford to pay politicians. Stop attacking the middle class that actually pays for it all.
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