Home » Public Forums » GMCnet » [GMCnet] Protect the Mortgage Interest Deduction for RVs
| [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149798] |
Wed, 16 November 2011 14:04  |
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ljdavick
Messages: 3548
Registered: March 2007
Location: Fremont, CA
Karma: -3
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I had to snicker a bit with the latest email from FMC asking us to rally support for the mortgage deduction for RV's. I'd wager that not one of us uses that for our GMC's!
Although my Parent's mortgage was less than what I have in the coach...
Larry Davick
Fremont, California
The Mystery Machine
'76 (ish) Palm Beach
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Larry Davick
A Mystery Machine
1976(ish) Palm Beach
Fremont, Ca
Howell EFI + EBL + Electronic Dizzy
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149801 is a reply to message #149798] |
Wed, 16 November 2011 14:35  |
James Hupy
Messages: 6806
Registered: May 2010
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I paid $8650.00 in 1962 for my first house. Had to borrow $600.00 from
Mary's grandmother for the rest of the down payment. In 2008 I paid
$8200.00 for my GMC and have chased that with at least $20,000.00 more. I
still have not painted it yet. Sold my first house 17 years for $43,500.00.
Be lucky to get my original purchase price out of my GMC. But, I am not
finished making memories with it yet. Drive them, wear them out, enjoy
them, and then put them into the hands of some enthusiastic newbee to do
the same thing. Don't let them die a slow agonizing death under a walnut
tree with a blue tarp over them held down by gallon milk jugs filled with
water. Sad ending for a life well lived.
Jim Hupy
Salem, OR
78 GMC Royale 403
On Wed, Nov 16, 2011 at 12:04 PM, Larry Davick <ljdavick@comcast.net> wrote:
> I had to snicker a bit with the latest email from FMC asking us to rally
> support for the mortgage deduction for RV's. I'd wager that not one of us
> uses that for our GMC's!
>
> Although my Parent's mortgage was less than what I have in the coach...
>
>
> Larry Davick
> Fremont, California
> The Mystery Machine
> '76 (ish) Palm Beach
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149804 is a reply to message #149798] |
Wed, 16 November 2011 16:18 |
Hoosier
Messages: 20
Registered: May 2008
Location: Roxboro, NC
Karma: 0
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I don't want to start a political war with this response, but that request was for support of the current tax laws that allows an exemption for your 'second home'. The requirements of your second home were such that motor home owners as well as boats that had proper accomodations, could claim the tax deduction if
there was a mortgage on it.
Our leaders have hinted at removing the exemption on all home mortgages. In order to do that they have to drop the second home exemption first. I'm certain there will be a lot of concern when you loose the tax break on your 1st and 2nd mortgage on your current home.
RayBechtel
Roxboro, NC
1976 Royale
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149806 is a reply to message #149805] |
Wed, 16 November 2011 16:31 |
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ljdavick
Messages: 3548
Registered: March 2007
Location: Fremont, CA
Karma: -3
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"The American Dream" isn't government supported in Canada? Ya'll are in America, no?
Larry Davick
Fremont, California
The Mystery Machine
'76 (ish) Palm Beach
----- Original Message -----
From: "Bruce Hislop" <bruce@perthcomm.com>
To: gmclist@temp.gmcnet.org
Sent: Wednesday, November 16, 2011 2:18:25 PM
Subject: Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs
I still can't believe you guys can deduct the interest on your home mortgage!! let alone an RV...
--
Bruce Hislop
ON Canada
77PB, 455 Dick P. rebuilt, DynamicEFI EBL EFI & ESC.
Hubler 1 ton front end
http://www.gmcmhphotos.com/photos/showphoto.php?photo=29001
My Staff says I never listen to them, or something like that
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Larry Davick
A Mystery Machine
1976(ish) Palm Beach
Fremont, Ca
Howell EFI + EBL + Electronic Dizzy
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149811 is a reply to message #149808] |
Wed, 16 November 2011 17:35 |
Kingsley Coach
Messages: 2691
Registered: March 2009
Location: Nova Scotia Canada
Karma: -34
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I was under the impression that you could deduct only the 'Interest" of a
mortgage payment on a mortgage...but I could easily be mistaken, since I
have neither a mortgage nor am I an American citizen.. <VBG>
Mike in NS
On Wed, Nov 16, 2011 at 6:41 PM, James Hupy <jamesh1296@gmail.com> wrote:
> Don't think so. Our mouths just write bigger checks than our butts can
> cash.<Grin> Probably should get off this soap box before Patrick reminds us
> that this a GMC forum, not a political one.
> Jim Hupy
> Salem, OR
> 78 GMC Royale 403
>
> On Wed, Nov 16, 2011 at 2:38 PM, David H. Jarvis <jarvis210@shaw.ca>
> wrote:
>
> >
> >
> > Maybe that's why 'murica is in so much debt.
> > Too many tax deductions.
> > --
> > "I've always been crazy, but it kept me from going insane"
> > _______________________________________________
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--
Michael Beaton
1977 Kingsley 26-11
1977 Eleganza II 26-3
Antigonish, NS
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149831 is a reply to message #149811] |
Wed, 16 November 2011 20:03 |
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mike miller
Messages: 3576
Registered: February 2004
Location: Hillsboro, Oregon
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| Kingsley Coach wrote on Wed, 16 November 2011 15:35 |
I was under the impression that you could deduct only the 'Interest" of a
mortgage payment on a mortgage...but I could easily be mistaken, ...
|
You are NOT mistaken.
But an average sized mortgage on an average house doesn't even reach the standard deduction. To be of any use, the tax payer has to have a couple of mortgages, a big mortgage, one at HIGH interest, lots medical bills or some kind of loss.
I will not get into the merits of any tax issue....
Mike Miller -- Hillsboro, OR -- on the Black list
(#2)`78 23' Birchaven Rear Bath -- (#3)`77 23' Birchaven Side Bath
More Sidekicks than GMC's and a late model Malibu called 'Boo'
http://m000035.blogspot.com
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149862 is a reply to message #149798] |
Thu, 17 November 2011 02:16 |
SergeL
Messages: 169
Registered: January 2011
Karma: 0
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Senior Member |
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James Hupy <jamesh1296@gmail.com> wrote:
>I paid $8650.00 in 1962 for my first house. Had to borrow $600.00 from
>Mary's grandmother for the rest of the down payment. In 2008 I paid
>$8200.00 for my GMC and have chased that with at least $20,000.00 more. I
>still have not painted it yet. Sold my first house 17 years for $43,500.00.
>Be lucky to get my original purchase price out of my GMC. But, I am not
>finished making memories with it yet. Drive them, wear them out, enjoy
>them, and then put them into the hands of some enthusiastic newbee to do
>the same thing. Don't let them die a slow agonizing death under a walnut
>tree with a blue tarp over them held down by gallon milk jugs filled with
>water. Sad ending for a life well lived.
>Jim Hupy
>Salem, OR
>78 GMC Royale 403
>
>On Wed, Nov 16, 2011 at 12:04 PM, Larry Davick <ljdavick@comcast.net> wrote:
>
>> I had to snicker a bit with the latest email from FMC asking us to rally
>> support for the mortgage deduction for RV's. I'd wager that not one of us
>> uses that for our GMC's!
>>
>> Although my Parent's mortgage was less than what I have in the coach...
>>
>>
>> Larry Davick
>> Fremont, California
>> The Mystery Machine
>> '76 (ish) Palm Beach
>>
>> _______________________________________________
>> GMCnet mailing list
>> Unsubscribe or Change List Options:
>> http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
>>
>_______________________________________________
>GMCnet mailing list
>Unsubscribe or Change List Options:
>http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
>
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149879 is a reply to message #149863] |
Thu, 17 November 2011 08:42 |
Kingsley Coach
Messages: 2691
Registered: March 2009
Location: Nova Scotia Canada
Karma: -34
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Senior Member |
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This place is a fountain of information....but since I have someone else do
my taxes, Lorraine balances the bank statements, and my specialty is only
in the field of spending, it's all wasted information on me <VBG>
Thanks guys!
Mike in NS
On Thu, Nov 17, 2011 at 5:07 AM, John Blankenship <jtblank@yahoo.com> wrote:
>
>
> Mike,
> You left out one other deductible item causing itemized deductions to
> exceed the standard deduction, living in California. High income taxes,
> state disability insurance (SDI), property taxes, and DMV fees. These in
> total are quite substantial.
>
> I'm a CPA and have many clients without mortgages that have no problem
> itemizing. If anyone needs more deductions maybe you should move down here
> and help balance the budget and maximize your deductions.... lol :) :p
>
>
> --
> John Blankenship
> '76 Palm Beach
> Tulare, CA
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--
Michael Beaton
1977 Kingsley 26-11
1977 Eleganza II 26-3
Antigonish, NS
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #149942 is a reply to message #149804] |
Thu, 17 November 2011 19:45 |
jhbridges
Messages: 8412
Registered: May 2011
Location: Braselton ga
Karma: -74
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Senior Member |
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Well, I survive by not having a mortgage. On anything. The GMC is essentially a toy, so I saved my pennies and bought the damn thing(s) outright. Over the years, I don't remember ever taking a mortgage deduction, I always came out better not.
Actually, I favor the opposite - no exemption for interest payments, but all savings interest paid is untaxed.
Unrealistic? Moi?
--johnny
________________________________
From: Ray Bechtel <rbechtel@esinc.net>
To: gmclist@temp.gmcnet.org
Sent: Wednesday, November 16, 2011 5:18 PM
Subject: Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs
I don't want to start a political war with this response, but that request was for support of the current tax laws that allows an exemption for your 'second home'. The requirements of your second home were such that motor home owners as well as boats that had proper accomodations, could claim the tax deduction if
there was a mortgage on it.
Our leaders have hinted at removing the exemption on all home mortgages. In order to do that they have to drop the second home exemption first. I'm certain there will be a lot of concern when you loose the tax break on your 1st and 2nd mortgage on your current home.
--
Ray & Jan Bechtel
Roxboro, NC
1976 Royale
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Foolish Carriage, 76 26' Eleganza(?) with beaucoup mods and add - ons.
Braselton, Ga.
I forgive them all, save those who hurt the dogs. They must answer to me in hell
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| Re: [GMCnet] Protect the Mortgage Interest Deduction for RVs [message #150023 is a reply to message #149798] |
Fri, 18 November 2011 13:44 |
Chr$
Messages: 2690
Registered: January 2004
Location: Scottsdale, AZ
Karma: 1
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Senior Member |
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The Fed's can have my Mortgage interest deduction *IF* they just get rid of all the tax code and charge a flat 10% on Primary Income only. Flat 10%, on anything over minimum wage at 2080 Hrs in a year, that is fair.
Shitcan the Social security and let me take that elsewhere and do better. I'm guessing all my years of contributions will amount to about a tank of gas when I finally am eligible for it, if it is even around by then.
Given that 11% of congress/House is in that 1% they can kiss my ass and pay up like the rest of us.
Since I just lopped my interest rate to below 4% and 9 yrs off my mortgage, my deduction just tanked.
-Chr$: Perpetual SmartAss
Scottsdale, AZ
77 Ex-Kingsley 455 SOLD!
2010 Nomad 24 Ft TT 390W PV W/MPPT, EV4010 and custom cargo door.
Photosite: Chrisc GMC:"It has Begun" TT: "The Other Woman"
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