Land Ho!

M

Magnum

Should be Huntin
Well as I was riding around this weekend I came across a couple places for sale. I found two boat slips side by side. One would work to set up a camper or something small on it but with two I could build a little something on it. Wondering if I should go after these while I can. I called the guy and talked him down a bit on the price so it just might be worth it for an invesment property alone.

Does anyone out there know how this would impact me and my taxes? Me being 25, single, with no deductions sucks bad. Would owning a small lot give me some type of tax break? If I buy one it would be in cash, if I go for both I would get a loan. Maybe I could setup a small business of River tours and write the lots and a new boat off :yay:
 
aps45819

aps45819

24/7 Single Dad
Don't think it would help much with taxes. You get to deduct the intrest on the loan for your primary residence. Just buying some property would add property taxes.
 
M

Magnum

Should be Huntin
aps45819 said:
Don't think it would help much with taxes. You get to deduct the intrest on the loan for your primary residence. Just buying some property would add property taxes.
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Well dang... Seems like I can't win when it comes to taxes.
 
MMDad

MMDad

Lem Putt
If you're going to live there, the mortgage interest is usually tax deductible. Figure a 6% loan, then look at your tax savings based on almost all of your payment being tax deductible for the first few years. The effective interest rate ends up being 5% or less. If you can invest the money you would have bought with and make more than 5%, you are better off. Once the tax break stops helping as much, you can take the money you saved and pay off the loan.
 
M

Magnum

Should be Huntin
Nanny Pam said:
Unless you want to get married and have a dozen kids....:shrug:



:lol:
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Sad but true :lmao:

Seems like the Gov punishes single people by raping them at tax time, like America's way of saying go breed till you can't breed no more and you will be rewarded
 
Nanny Pam

Nanny Pam

************
Magnum said:
Sad but true :lmao:

Seems like the Gov punishes single people by raping them at tax time, like America's way of saying go breed till you can't breed no more and you will be rewarded
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Sometimes I think you are WAY better off to be single, enjoy your $$ and live your life, any way you want to.

Go get those boat slips, enjoy your time, and be happy.

JMHO
 
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