How to calculate Tax Returns with Home Purchase

[Maikeru-sama]

Why would anyone think eliminating deductions would not mean paying more to the Federal Government?

 

[theogt]

Well I don't think anyone should be eligible for any credit, not for a house, not for a kid, not for anything. I don't think it's too much to ask for laws to apply to everyone and not focus on or exclude certain groups.

That's because you have a fundamental misunderstanding of the tax system and tax policy.

 

[Kevinicus]

That's because you have a fundamental misunderstanding of the tax system and tax policy.

I understand it, I just don't agree with it.

 

[theogt]

I understand it, I just don't agree with it.

Oh, sure you do. Now go and try to sell your house to your wife.

 

[braw]

Oh, sure you do. Now go and try to sell your house to your wife.

first that is a non arms length transaction and a huge red flag from lender and title company. If he lived in Texas no can do because its a community property state, which neans she cant buy a house she already owns even though she is not on the note.