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CNBC breaks shocking news
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this post was submitted on 03 Dec 2023
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Obviously, everyone just prefers to give their landlord 2/3 of their after tax salary. /s
Ooh, I feel like rent payments should be pretax or tax deductible and it would help a ton of people out.
Someone tell me why that would be a bad idea, I'm genuinely curious.
Home owners get to write off interest, so us renters should get something.
The real bitch is that I could totally afford a mortgage. I've lived in the same place for 11 years without missing a payment on my rent, but because it's rent it doesn't count towards my credit score, so fuck me right?
I mean, they can't have those dirty renters improving their credit scores and moving into their neighborhoods.
Normally renters should be able to enjoy a low price compared to paying off loans.
But since landlords jacked up the price to be equal or more than how much the loan costs each month, they aren't getting that benefit.
Actually I think they went and did the math and found that the average mortgage on a house is actually less expensive than rent nowadays. To the point where Banks turning people down because they can't afford their rent is a complete non sequitur, they still do it, it just doesn't make any sense that they do it. You know besides greed and keeping the peasants in their place
That's how landlords operate. They don't buy the properties cash. They get loans and have the renters pay the loans back for them, plus some more for profits. All they do is make housing more expensive.
Homeowners get to write off interest but rarely ever do. You need to exceed the standardized deduction in order for an itemized deduction to save you more money. So unless you are paying more than 20k/year in interest you are not writing anything off and are in the same boat as a non homeowner.
Lots of people exceed the standard deduction. It's not just home interest that can be written off taxes, and the home interest plus other eligible expenses often exceeds it.
My side job has me working on contracts so I write off enough business expenses to exceed the standard deduction every year. Getting to write off a portion of my rent would be huge.
The standardized deduction has a sunset... In 2025 it gets cut in half and tax rates revert to 2017 levels.
Wait rent doesn't count towards my credit score?
I know the game is rigged but shit, and I thought people who couldn't get the bank to understand that they can afford to pay $500 a month for a mortgage, but only if they can stop paying $3,000 a month for rent had it bad.
Why is it a bad idea? Because it's basically subsidizing landlords. Instead of paying for public infrastructure you'd be helping out landlords to increase the rent, since you know, you have more "disposable" income
you mean paying to blow up brown kids
Rents will go up by whatever amount the average renter's budget increases and that lost tax revenue goes straight into the pockets of landlords.
I own a home with a mortgage. I’d sell my house to an llc, and rent to myself. The. I’d be able to deduct the profit of the llc from the expenses (the mortgage and upkeep of the home), and then deduct the rent I’m effectively paying to myself from my income.
I mean I’d love for this to happen, but if every home in the country did this, no one would pay taxes, and communities would be underfunded. Goodbye water treatment, police, firemen, teachers. Probably not great for society as a whole.
Someone told me recently that one should only spend max. 1/3 on housing. After showing them the price for housing and the average salary, they connected the dots. But they didn't seem to realize the Elephant in the room. I wonder when society is ready for the elephant.
I personally like how it is from the boomer generation that the 1/3 rule comes from as well. Keep in mind that is 1/3 for ALL housing expenses (water, heat, electricity,insurance, etc.), The US median is $1085 a week. This means all in a median Joe/Joette should find a place for under $1500 ALL IN in order to meet this rule.
Always remember that paying rent is a never ending cost while pay mortgage is limited. If you rent, you rent when you are retired. If you can buy, you don't pay for your house anymore when you are retired. In other words, not buying a house/Appartment means that you will have less money in your retirement... Up to 2/3 of your current salary.
I doubt anyone stuck renting their entire life are able to retire properly.
Also if you own your house you can't tip your landlord
I know you are joking, but there is actually a YouTube series that is intended for landlords that teaches them how to milk tenants.
One of their videos literally suggests asking for tips alongside the rent, and threatening to include gratuities in all future versions of the lease, which is downright illegal but it's not like people who rent can afford lawyers