The Deadman Night Rider

A forum for evening students of the SMU Dedman School of Law and other outlaws..

Tuesday, August 21, 2007

Ask me again why I want to get the hell out of here...

Just finished up calculating my taxes for 2006 (like every good CPA I filed an extension) and totted up my net worth for financial aid. Once again, our much-ballyhooed venture into home ownership netted us a whopping tax savings of (insert drum roll)...zero. Nada. Duck egg. The standard deduction was still almost 35% more than my itemized. When you add in the Home Depot expenses, water bill for the lawn (thankfully low this year due to rain), appliances, etc., we were way better off playing that "sucker's game" of renting. Considering that there are four houses on the block up for sale now, with one resorting to a huge "Buy this house with ZERO DOWN!!" sign as of today, I don't think I'm gonna recoup it in capital gains any time soon. The guy who wrote "Rich Dad, Poor Dad" has it right--your home isn't an asset, it's a liability.

I guess I was just born without whatever genes make all of this make sense (like the one that sees the difference between kinds of grass) or maybe I just have ultra-high levels of IKEA-blocker floating in my bloodstream. My dream house is still company-paid accomodations in some place at least ten time zones from Dallas, the harder to pronounce, the better.

3 Comments:

Anonymous Anonymous said...

D,

Your frustration is justified. Perhaps you should consider another much-ballyhooed mechanism of reducing tax liability: parenthood. However, you should probably give it some thought first. The deduction could be helpful, but the mainenance costs could rival those of your house, and a child may prove more difficult to sell when it becomes a liability rather than an asset.

Just a thought,

Roscoe

2:11 PM  
Anonymous Anonymous said...

oh, no not the water bill!!! here is a question for you. how much is our tipical water bill during summer and winter months (when there is no lawn watering), and how much was our bill in the old apartment we used to leave in? If you can tell me this right of way with out looking at the old bills we will never buy another house again!

11:38 AM  
Anonymous Anonymous said...

Dude, you are getting schooled by she who I suspect is your old lady. Damn cuz.

RKT

6:12 PM  

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