rocket_beer t1_jdt7t3q wrote

How much interest would a tax payer/home owner have to pay in interest in order for them to choose itemized deduction because of their mortgage interest in a year?

Think about that. You are suggesting to other adults to do something that isn’t mathematically possible…

Please stop drinking. You’re embarrassing yourself.


rocket_beer t1_jdt5gzu wrote

The burden of proof lies in your hands.

That’s literally how this works.

You don’t arrest someone and then the prosecutor says, “well fine, you prove to me who the real murderer is then”

You don’t “average out” the interest in amortizing.

Taxes are done yearly. After year 1, how would it be mathematically possible that he would be able to use itemized deduction?

It’s simple algebra. There is an exact amount of interest a homeowner would have to pay in order for that threshold to be broken.

How is it even possible to eclipse that number? Just for paying interest?


rocket_beer t1_jdt3iel wrote

That isn’t at all how amortization works.

The borrower pays interest-heavy at the beginning and principal heavy at the end.

There is an inverse relationship between these 2 where every consecutive payment, you pay less interest than the previous.

So again, explain how OP would be able to use the itemized deduction? How would it mathematically break the standard deduction threshold?

I’ll wait


rocket_beer t1_j2f6bj2 wrote

I’m so lost here.

Can you be very specific with what you are asking?

You say that you and your sister own the home. (The bank owns the deed) How much do you owe to the bank vs equity?

Are you asking if you should move out because you don’t have your own personal space and freedoms?

Also, are you asking if you should move out AND keep the house in your name and let your family pay your mortgage?

Or are you asking if you should move out AND sell the house since you won’t be living there anymore?


rocket_beer t1_iy3oryd wrote

It’s amazing to me how much effort it took for me to get out of 20k in debt, and doubly hard to save +20k in savings.

And now, it’s like autopilot getting to 100k in savings 😱

All I can say OP is this: if you want to get out of debt as badly as I did, you will cut down your spending to just barely scraping by standards and pay down that debt penny-by-penny. I don’t know any other way of doing it.

And, if you want to sprint away from living paycheck to paycheck, you will continue that same strategy you used to get debt free. I don’t know any other way of doing it.

Good luck


rocket_beer t1_iwcop7b wrote

I think once we have demystified an unknown, that all the previous understanding of that topic should be adjusted to the new information available.

Specifically, human made religions should essentially be reset and our new understanding of the universe should be a foundational pillar learning taught to all.

Just think, we all came from the stars. We are just as much a part of the universe as the universe is a part of us. That is a special, historically significant understanding.


rocket_beer t1_iwbrnim wrote

Yeah, but those weren’t tested under rigorous scientific methods.

Dilute to the essence of something. No contamination or particulates.

Filtering out misinformation and pseudoscience is extremely important.