SWM (and taxes)…

There are very few government entitlement programs or tax benefits designed specifically for the single white male with no kids and an income above the poverty level. Actually, I’m not aware of a single one. One thing is certain John, Hillary and Barack will turn to dust before they even think of introducing anything of the sort. So, my fellow tax payers, I rely upon you to carry the load for a tax break I can get and as of 11:30 this morning I got it – the mortgage interest deduction.

The parcel also has a rental unit on it so I am a landlord again. Wonderful…

As these things go (buying/owning real estate) you think of this and that to fix, improve, change, make more efficient or green, etc. I’m reading myself to sleep with the tax guide to organize which expenses affect basis, can/must be depreciated or written off in current year as “cash expense” etc. Projects for safety, utility and deferred maintenance are first then a mix of others based on time available.

What if Home Depot had another shelf tag by the carpet which had the depreciation schedule for purchases in increments of $1,000? What if Lowe’s had a shelf tag describing the concepts of cash expense and an improvement as a change in basis as they relate to adding a 150 square foot concrete patio out back? That would be interesting.

I know one thing a ton of money is spent on rental property and is not accounted for properly.

An interesting footnote is throughout the entire process of finding, making the offer, closing, dealing with documents, etc I never talked to the seller on the phone or in person once – every conversation was done via email. And, of course, it was done without a Realtor.

Mars out.

Explore posts in the same categories: Construction, Observations, Personal, real estate

Tags: Barack, Hillary, real estate, Realtor, SWM, Tax code, taxes

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