Ranger on price is right

[halligan1201]

You still have the option of filing separately. I’ve never heard of mortgage interest not being deductible, so long as it’s a primary or secondary home. You may want to get a second opinion.

The feds stopped allowing mortgage interest a few years back. Property tax yes, interest no.

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[jsphlynch]

The feds stopped allowing mortgage interest a few years back. Property tax yes, interest no.

I'm not a CPA, but it appears you can still deduct mortgage interest when filing federal taxes:
https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI

 

[halligan1201]

I'm not a CPA, but it appears you can still deduct mortgage interest when filing federal taxes:
https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI

Sweet! The past few years I haven't been able to so this is great news!

 

[VTRanger]

I really do not see any reason why you should
run away. Probably one of the best things I ever did was
get married. Without a doubt, my wedding day
was one of the happiest days of my life. Before then, I
was miserable. Now I am forever joined together with
this incredible woman. I'd do again even if it took a a deal with
the devil. Take a lesson from my experience, run as fast as you can
to that church, and take those vows with confidence.
I promise you won't regret it!

EDIT TO ADD: Sorry, my wife was watching me as I typed that. Please only read every other line.

Ha, that is amazing!

 

[VTRanger]

I'm not a CPA, but it appears you can still deduct mortgage interest when filing federal taxes:
https://turbotax.intuit.com/tax-tips/home-ownership/deducting-mortgage-interest-faqs/L4a9KF9mI

I think that is only if you itemize and you don't take the standard deduction. In my case I don't have enough to make itemizing worth while.

 

[rfruscel]

They showed a 2021 ranger black stx 4x4 on price is right. Looked fantastic. Contestant didn't win it though. They combined the price with a home office set totally 37k. She guessed 33k.

Reluctant to admit it but i watched that show. I believe it was a 4x2 though.

 

[Jmarler]

Reluctant to admit it but i watched that show. I believe it was a 4x2 though.

Could have been. Might had heard wrong. I remember it being stx though

 

[Guardstang]

As much as we get slammed with taxes in Canada we don't get taxed on lottery, gambling or winning stuff. In fact if you win a large lottery jackpot its paid out all at once, not yearly installments.

 

[Cabose-1]

I really do not see any reason why you should
run away. Probably one of the best things I ever did was
get married. Without a doubt, my wedding day
was one of the happiest days of my life. Before then, I
was miserable. Now I am forever joined together with
this incredible woman. I'd do again even if it took a a deal with
the devil. Take a lesson from my experience, run as fast as you can
to that church, and take those vows with confidence.
I promise you won't regret it!

EDIT TO ADD: Sorry, my wife was watching me as I typed that. Please only read every other line.

True
True

 

[Jason B]

As much as we get slammed with taxes in Canada we don't get taxed on lottery, gambling or winning stuff. In fact if you win a large lottery jackpot its paid out all at once, not yearly installments.

Here in the US, if you win the lottery, you have a choice of annual payments or cash option. The cash option is never the amount of the lottery. Today the Powerball is $185,300,000 annuity of 30 payments. The cash payout is $123,943,514. They will automatically withhold 25% for taxes, but then you have to claim winnings on your annual tax filings and pay additional taxes.

 

[VTRanger]

Here in the US, if you win the lottery, you have a choice of annual payments or cash option. The cash option is never the amount of the lottery. Today the Powerball is $185,300,000 annuity of 30 payments. The cash payout is $123,943,514. They will automatically withhold 25% for taxes, but then you have to claim winnings on your annual tax filings and pay additional taxes.

I can see why people end up going to jail for tax evasion when they win the lottery, hard to give up that much money in taxes!

 

[PapaBill]

My wife won a car on "lets make a deal". It was a Chevy Aveo with a prize tag of $15,000. You don't take possession until the show airs and if it does. After 6 months we picked up the car from a dealer and hour away. When we got there they had a voucher for $12k that could take the Aveo home or apply to another car. We had just purchased a car before she went on the show so we didn't need it. I had to wait a month to receive the pink slip, so it sat in the garage till then. As soon as i had title i took it to Carmax and they gave me $9k. Now the fun part, come tax season i get the docs that say i owe tax on $15k because that was the prize! I went to HR block and they were able to argue that i only owed on $9k and guaranteed it. So my question is who's pocket has that missing $3k?

To recap:
Prize = $15,000
Actual Prize = $12,000
In Pocket Prize = $9,000
Tax Liability = $15,000

God help you if you win a Motorhome!

Thanks to the IRS! .

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