Quote:
Originally Posted by zakthor
Tax, insurance, maintenance and opportunity cost of money adds up to 5-7% of house cost per year. That’s assuming no mortgage. 840k house costs a minimum of 3500/month just to hold. With gardener and hot tub I guess they’re counting on appreciation?
Owning costs more than renting.
Structural reason is I can deduct expenses on my rental house, roof, windows, furnace, painter - all reduces my taxes. Pretty sweet deal. Why is it I can’t deduct the same expenses for the house I actually live in?
Fed tax policy is to subsidize the rich landowners.
I’ve thought it might be good local tax policy to require all federally deducted property expenses to be taxed at 100% to local county. Would probably take care of many rental homes and airbnb pretty darn quick.
If we want to subsidize housing there’s gotta be a more efficient way than giving money to the rich owners to encourage them to rent out properties for less.
I’m benefitting and it feels like a giant scam
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Oh yeah, I see how the fed gov is subsided the rich owners. You know they just fooked the Air B B owners. Around here, they can only rent 10 days out of the month max. For those owners cough up blood to buy a place so they can Air BB it. Suddenly, they got fooked because they caved due to pressure from the hotel industry. A piece of property isn't cheap in LA. Who's going to subside their lost? I like to know. Not only that. they impose more fees jsut to run an Air BB. The local police dept are talking about sticking their hand in the same cookie jar. They want a fee to help police the air BB. What BS. De-fund the police, they will fu#k someone else for it.
The house you live in isn't a business so there's no deduction allowed. You are already getting your interest deducted. Isn't that enough? They deduction is a huge off set for most Americans.