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Should I then get to skip paying taxes for one or more years? - Yes and you do. You get a tax credit on interest paid and many new build come with tax abatement
by frockington1 7y ago
Should I then get to skip paying taxes for one or more years? - Yes and you do. You get a tax credit on interest paid and many new build come with tax abatement to encourage investment opportunities
- annoyingnoob 7y agoMy tax bill tells me otherwise. The interest on my home loan does not and cannot erase my taxes. That deduction is not what you think it is: https://www.fool.com/millionacres/taxes/real-estate-tax-deductions/can-i-still-deduct-my-mortgage-interest-2018/ https://www.fool.com/millionacres/taxes/real-estate-tax-dedu... My home happens to include Mello-Roos taxes for local improvements, like schools and a fire station. This more than doubles the property tax that I pay. Sorry to tell you, I don't have it anything like FedEx. I paid over 26% of my gross income on taxes last year.
- frockington1 7y agoTaxes suck, no denying it. Thankfully where I live its relatively easy to find nice properties with long tax abatement for investment. Beyond that max your 401k, IRA, HSA and live or "live" somewhere with low taxes
- annoyingnoob 7y agoTaxes suck, even big corporations that produce a lot of jobs need to pay them.
- mlyle 7y agoYou're blurring the lines and talking about various taxes, etc. Pretty sure FedEx pays property taxes-- not just real property taxes on property they own and lease, but also tangible property taxes on assets like planes and trucks.
- annoyingnoob 7y agoI paid over 26% of my income in taxes on my form 1040. No blurred lines, this includes whatever mortgage tax deduction that I may or may not have received.