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Subject:  Re: tax deductions Date:  5/31/2003  1:15 AM
Author:  Mark0Young Number:  65606 of 127745

6. Donate to charity

If you don't have enough to claim deductions now, chances are donations aren't going to help. You'd have to give the equivalent of mortgage interest to have enough.

Between state income taxes and charitable contributions, I was able to itemize without paying mortgage-sized payments to charity. Of course, I was claiming only one person for my standard deduction becaues I am single.

I have since added mortgage interest and property taxes to the mix and I can tell you that, in my situation, it netted slightly more expensive to buy, after tax deductions, than renting. But then I control when my mortgage goes up (by refinancing) compared to the march of increasing rent.

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