You can write off the mortgage interest and the taxes and the principal you keep. Renting is a total waste of money unless you are living on such a low rent that it makes it worthwhile
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You can write off the mortgage interest and the taxes and the principal you keep. Renting is a total waste of money unless you are living on such a low rent that it makes it worthwhile
And if your house gets a leak that causes mold to appear, don't expect your insurance to cover the costs of getting a new roof even if it is included in your insurance policy. FML. Insurance is a scam.
My fingers are crossed that the private insurance adjuster we hired will make those fuckers pay.
My suggestion is the same as it is for any other necessary home repair: Burn it down for the insurance money and frame whoever in your neighborhood is the last person to shovel their sidewalk after a snowstorm. Every storm it's the same guy, and fuck that guy.
Current plan is to be able to deduct mortgage interest on no more than $500K worth of a mortgage. That means anyone who has a mortgage above $500K will be able to deduct up to a maximum limit and nothing further. But I am grandfathered in on my two properties :)
Dang. that's a kick in the balls........ What's interesting is I just recently met with my insurance company to renew for the year. And she covered THAT EXACT scenario saying they don't pay for that. Along with telling me they don't cover foundation issue, which is a huge problem in our area......
A few years ago, we had massive damage to our pool and a huge leak in our roof that caused mold to grow in my son's room. Their insurance adjuster came out and said "we don't cover pools, that leak can be fixed without reaching your deductible." We spoke to a private adjuster this year and he basically said they were straight up lying to us about both scenarios.
Insurance is a scam.
I go with State Farm. I remember the Lady when we re-upped talking about the exact situation of your roof and the mold and saying we don't cover that. And I remember thinking..... well........ what the hell are you good for then. That one must come up a lot.
On another stoy. We have a home warranty for appliances. My hot water heatr is WAY past due to be swapped out. The company that makes them gives them a bit more than a decade then says they should be swapped out. We are on a decade plus a few years and the thing sounds like it is going. But, the warranty company wont cover it till it goes. And I hear many times when it breaks down...... it leaks...... and floods the house.....which would cost thousands of dollars of at least laminate damage.