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Consumer & Financial Affairs Warn others about scams or provide tips on saving a few bucks. Seek advice on investments--stocks, mutual funds & 401k's. Where's the best best place to bank?

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Old 01-28-2013, 04:56 PM   #11
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Originally Posted by GURPS View Post
what was the reason given ?
I just found out that it is because of the Residential energy credits as Kwilla stated. I guess this stupid gov't never had these requests before...
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Old 01-28-2013, 07:31 PM   #12
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So I received my mortgage interest statement which has form 1098 listed and one from CSM listed as form 1098-t. Are these the form #'s to look for on the list from the IRS? Just want to make sure before I potentially waste my time getting my taxes done. TIA.
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Old 01-28-2013, 07:48 PM   #13
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I just found out that it is because of the Residential energy credits as Kwilla stated. I guess this stupid gov't never had these requests before...



Sorry for your problems, I will still be filing shortly


I would have filed already, but ADP dicked up the W2's by not properly accounting for pretax medical deductions all yr so while I will get a larger return, I could have gotton more money in my pay check all yrar
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Old 01-29-2013, 11:57 AM   #14
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Yet another reason why it is better to owe them than them owe you.
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Old 01-29-2013, 12:02 PM   #15
Obama destroyed America
 
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Yet another reason why it is better to owe them than them owe you.
I will owe this year since the mortgage has been gone.
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Old 01-29-2013, 12:06 PM   #16
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I will owe this year since the mortgage has been gone.
Buy a vacation/retirement home.
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Old 01-29-2013, 12:35 PM   #17
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I will owe this year since the mortgage has been gone.
What you end up paying in additional taxes will still be less on the overall cost of interest on a mortgage so you are still coming out ahead. It's like folks chosing to have a baby so they can get another deduction... no way that is cost effective...
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Old 01-29-2013, 12:50 PM   #18
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I will owe this year since the mortgage has been gone.
I paid mine off in 2007 and away went my itemizing.
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Originally Posted by kwillia View Post
What you end up paying in additional taxes will still be less on the overall cost of interest on a mortgage so you are still coming out ahead. It's like folks chosing to have a baby so they can get another deduction... no way that is cost effective...
Absolutely! I don't see how anyone falls for the line that "you should always keep a mortgage". I used to pay $1100 a month for the mortgage. $800 of that was interest, $250 was Tax & Insurance and $75 went to the principal. So @ $12,000 a year was deductible but I only got about $3,000 of it back. That means @ $9,000 was lost. Some benefit to having a mortgage...
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Old 01-29-2013, 12:52 PM   #19
Obama destroyed America
 
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Buy a vacation/retirement home.
Already in the works and already have the $$. Now to find the right place.
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Roses are red
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"Participating in a gun buyback because you believe that the criminals have too many guns is like having yourself castrated because you believe that the neighbors have too many kids."
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Old 01-29-2013, 12:53 PM   #20
Obama destroyed America
 
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What you end up paying in additional taxes will still be less on the overall cost of interest on a mortgage so you are still coming out ahead. It's like folks chosing to have a baby so they can get another deduction... no way that is cost effective...
Exactamundo! I continue to deposit the payment into my ING account twice a month. I will never finance another car or boat again.
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Oh Baby,
Roses are red
Grass is greener
When I think of you
I touch my wiener

"Participating in a gun buyback because you believe that the criminals have too many guns is like having yourself castrated because you believe that the neighbors have too many kids."
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