Easiest way to cheat on your taxes?

Captain Morgan · 04-10-2012, 11:07 AM

http://finance.yahoo.com/news/what%E...ur-taxes-.html

Here's one of my biggest problems with the article:

"The mortgage-interest deduction, which lets people deduct the interest they pay on their mortgages, requires the government to essentially write an annual check to everyone with a mortgage".

So freaking ignorant. Let's say you're in the 25% tax bracket. You only get to deduct the INTEREST from your mortgage. Let's say the interest is $10,000 per year. You only save 25% of that which means you've just paid the bank $10,000 in interest to avoid giving the government $2,500. Does that really make sense? Some states also give a property tax deduction for having a mortgage, but that deduction isn't going to be $7,500. Any accountant who tells you to take out a mortgage for a tax deduction is an idiot and you should find another accountant. The mortgage interest deduction only helps the banks make more money because people are freaking idiots and think they're actually getting something out of this.

04-10-2012, 11:07 AM	#1
Captain Morgan Let's do another U-turn Join Date: Feb 2008 Location: Indiana Moto: 2009 V-Strom Posts: 3,816	Easiest way to cheat on your taxes? http://finance.yahoo.com/news/what%E...ur-taxes-.html Here's one of my biggest problems with the article: "The mortgage-interest deduction, which lets people deduct the interest they pay on their mortgages, requires the government to essentially write an annual check to everyone with a mortgage". So freaking ignorant. Let's say you're in the 25% tax bracket. You only get to deduct the INTEREST from your mortgage. Let's say the interest is $10,000 per year. You only save 25% of that which means you've just paid the bank $10,000 in interest to avoid giving the government $2,500. Does that really make sense? Some states also give a property tax deduction for having a mortgage, but that deduction isn't going to be $7,500. Any accountant who tells you to take out a mortgage for a tax deduction is an idiot and you should find another accountant. The mortgage interest deduction only helps the banks make more money because people are freaking idiots and think they're actually getting something out of this.