The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: tax deductions||Date: 6/2/2003 12:02 PM|
|Author: yobria||Number: 65633 of 119673|
>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.
>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.
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