The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/gtyou-would-seriously-suggest-that-someone-get-a-19128865.aspx

Subject:  Re: tax deductions Date:  6/2/2003  12:02 PM
Author:  yobria Number:  65633 of 121596

>You would seriously suggest that someone get a divorce so they pay less taxes?

I would, at least, suggest looking at traditions such as marriage in an open minded way instead of adhering to them slavishly.

>>3. Get divorced

>Isn't the new tax law closing the gap on this?

I believe it's closing one of about 20 marriage penalties in the tax code.

>If you don't have enough to claim deductions now, chances are donations aren't going to help.

As Mark said, it depends. You'd only have to add your charitable contributions to any other deductible expenses you have (e.g. state tax) to get you over the standard deduction.

>Get older. Over 65 taxpayers have a higher standard deduction.

Good one!

>it netted slightly more expensive to buy, after tax deductions, than renting.

If this is true, I'd always buy- you get appreciation, principal buildup, portfolio diversification, declining real (inflation adjusted) housing payments, etc. Not to mention the fact that rentals tend to be crappy, and usually won't bother fixing them up.

Nick

Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us