Suzuki SV650 Riders Forum banner
1 - 17 of 17 Posts

·
Registered
Joined
·
276 Posts
Discussion Starter · #1 ·
I am celebrating this week!

I paid my house off this week, AND, my SV, AND a small personal loan. I have no credit card debt, and now, only owe for my truck, and a loan against my 401k, that I took out when I bought the house. The 401k loan payment comes out of my check, pre-tax and all that, so I never see that money anyway.

All that, and I still have my income tax refund on the way, a nice emergency cache, a next egg in CDs, and an SV to mod!

The only thing that beats finally buying your own home, is to finally own it with no mortgage attached! Its such a relief to not have that hanging over my head for the next 20 years.


Dan


_______
 

·
Registered
Joined
·
8,834 Posts
That's awesome, Dan. Congrats!

Question: What will you do for tax relief now? For most folks, the mortgage interest is the biggest deduction you get... will this hurt you on taxes next year?
 

·
Registered
Joined
·
276 Posts
Discussion Starter · #11 ·
Tax wise, the only place it will affect me, is state taxes. For federal, this year, even with the interest I had paid, and other deductions, I was a few hundred dollars short of the standard deduction. For state taxes though, the interest will make about a $400 difference. When I had my taxes done, I had them figure them both ways, just so I would know. I got the difference the interest made was either getting back around $375, and having to pay about $75. I am figuring on having to pay around $200 next year, depending on what overtime does to my gross.

No I didn't hit the lottery, I can never remember to buy tickets. I have only paid on my house for about 5 1/2 years, but my folks decided to divide all of thier assets between my brother and myself. For my brother that amounted to a deed, and some CDs. For me, it was CDs alone. They were both deathly afraid of having the state take everything if they end up having to go to a nursing home. They consulted an attourney to find out how to legally do everything, so that everything is protected. The stipulations were that they will live on the deeded property as long as they choose. And, a gentleman's agreement with me about some things associated with my situation.

It wasn't that big of a deal to me. My brother and I are thier only heirs, and we as a family, had already sat down a few years ago and worked out who was getting what and all that mess. My brother and I are very close, and it has always seemed more like a hinderance to us, than anything else, and its not something particularly fun to contemplate. When Mom and Dad brought it up this time, we were both pretty casual about it, until we saw how serious they were. Its not like a fortune or anything, but its what they have worked hard for, thier whole lives, and they don't want it going to the state if thier health should take an unexpected turn for the worst. It works out good for everyone I guess, they get thier piece of mind, and I am no longer a slave to the mortagage company.

The biggest headache of the whole thing was my dad trying to get everything split exactly 50/50 between us, took us weeks to convince him that we weren't concerned about that, and that one of us getting a little more than the other one, wasn't something worth worrying about.


Dan


_______
 

·
Registered
Joined
·
10 Posts
It's nice to here about a family who isn't fighting over what they think they are entitled to. To many people get into these wars about inheritance and end up not talking.. I have
seen it happen.. My mom and her sister havn't spoken since my Grandmother passed 25 years ago.. It isn't worth it.. is it?? Anyways sorry about my rant and congratz on the mortgage thing.. It will be another 17 years for me as it stands. If I am lucky enough to inherrit anything I hope I have the power to be as selfless as you and your bro with my 2 brothers.. Take care dude...
 

·
Registered
Joined
·
276 Posts
Discussion Starter · #15 ·
+1

I have a couple of uncles that argued over a 5 foot difference in a property line, in thier inheritence. They were next door neighbors and best friends. The whole dispute dragged on for years and all kinds of other crap got dragged into it. It lasted for years, and fouled thier familys all up. Another close friend of ours went through the same thing. Like I said, he and I had already talked about this, together and with our folks a while back. I would rather him just have it all, than to mess up our relationship. He feels the same way. We have an uncommonly good relationship, even for brothers. We are both Marines too, so we tend to see eye to eye on most things.


Dan


_______
 

·
Registered
Joined
·
414 Posts
Great to hear "family first" once in a while. once again congrats on actual home ownership. I still have over 20 years to pay.
 

·
Registered
Joined
·
2,910 Posts
Your parents (and you and your brother) did a good job getting it sorted beforehand. I have seen firsthand what a lack of a proper prior agreement can do when expectations about what is supposed to happen clash. Fortunately, in my case, the major players (my brother and I) have seen eye to eye and the complications have sorted themselves out (unfortunately due to people expiring). Always get as much in writing as early as possible and never rely on verbal agreements (particularly as things are often said in periods of grief which are not really meant on reflection).

Also, make a will. Doing so is a greater gift than even what you leave (for reasonable values of what you leave). Otherwise, your memory will be marred by interractions with lawyers & accountants.
 
1 - 17 of 17 Posts
Top