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For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, capital-gains-tax etc. When asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

33 votes
10 answers
11k views

Is it possible to make money by getting a mortgage?

He was paying a fortune in taxes. I advised him to take out a mortgage on his already paid off house. … If I reduce my taxable income by $1, and I'm paying 30% in taxes, I've saved .30 off my taxes, but I still have .70 less than I would have if I just did nothing. …
Rob P.'s user avatar
  • 1,065
5 votes
1 answer
774 views

Married Filing Separately - Who Can Deduct Mortgage Interest

Declaring it on my taxes (as I understand it) would not benefit me at all. Because the mortgage was accessible via my account when logged into the site, I made all of the payments from my account. …
Rob P.'s user avatar
  • 1,065
1 vote
1 answer
1k views

Contributed to a Roth IRA....But I'm Married Filing Separately

But now I'm trying to do my taxes and we're married, but filing separately and my online tax software says, 'Whoa - you can't contribute to a Roth IRA' (both of our incomes are > 10k). …
Rob P.'s user avatar
  • 1,065
4 votes
1 answer
2k views

Amending Taxes To 'Cheat' Student Loan IBR Payments?

However, if we file separately, the amount of taxes we pay is much higher. My question is, what prevents me and my wife from amending our prior year taxes and refiling as jointly? … It's 2023 now, so on our 2022 taxes we'd file separately and use that to determine her loan payment based on just her income and amend it the following year so that we get all the tax benefits of being …
Rob P.'s user avatar
  • 1,065