Comments on: Lessons Learned From Filing My Taxes Last Night http://www.moneycrashers.com/lessons-learned-from-filing-my-taxes-last-night/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:50:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: EShttp://www.moneycrashers.com/lessons-learned-from-filing-my-taxes-last-night/#comment-1704 ES Tue, 06 Feb 2007 03:46:39 +0000 http://moneycrashers.com/?p=78#comment-1704 I miss my home mortgage deduction! I had a non-working, full-time student spouse so I had deductions up the wazoo. I also had phatom real estate losses (depreciation deductions really) so my net taxable income was $12,000. So except for FICA and real estate taxes, I didn't pay any income tax!!! This year I'll probably get my real estate license so I can claim unlimited real estate passive losses against my regular income. (otherwise you're capped at 25k/yr) the flat tax would be awesome! you punish people for spending and reward them for saving. thats how it should be. I miss my home mortgage deduction! I had a non-working, full-time student spouse so I had deductions up the wazoo. I also had phatom real estate losses (depreciation deductions really) so my net taxable income was $12,000. So except for FICA and real estate taxes, I didn’t pay any income tax!!!

This year I’ll probably get my real estate license so I can claim unlimited real estate passive losses against my regular income. (otherwise you’re capped at 25k/yr)

the flat tax would be awesome! you punish people for spending and reward them for saving. thats how it should be.

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