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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:14 PM
Original message
Poll question: What is your TOTAL debt?
Mortgages, car loans, student loans, home-equity loans, credit cards, etc.
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Nicholas D Wolfwood Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:15 PM
Response to Original message
1. I'm in the >$50K category
Yet it still feels smothering. (Note, I'm 24 years old)
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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:15 PM
Response to Original message
2. Housing cost are extreamly high in NY metro area
BIG mortgages
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NewJeffCT Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:16 PM
Response to Original message
3. about $220,000 of mortgage and that is it
We pay off our credit card each month and both our cars are less than 3 years old & paid off, and but we have about $220,000 of mortgage left on a house worth maybe $400,000.

So, we're doing okay.
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Nicholas D Wolfwood Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:18 PM
Response to Reply #3
4. That's really damn good.
To have no long term debt outside of a mortgage? Very nice.
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NewJeffCT Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:19 PM
Response to Reply #4
6. nope, none
We had a 3 year 0 percent loan on 1 car that we just finished paying off and we paid cash for the minivan last year.
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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:19 PM
Response to Reply #3
5. we could also do a net worth poll
Edited on Wed Jan-05-05 04:20 PM by tk2kewl
$80K of my debt (over $300K) is on a house that I bought 10 years ago and is worth over $400K now and now rent it out
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cookies7 Donating Member (74 posts) Send PM | Profile | Ignore Wed Jan-05-05 04:33 PM
Response to Reply #5
13. We just bought a 2nd house to rent out
Can you tell me what the tax implications are on a 2nd home?
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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:35 PM
Response to Reply #13
14. it depends how you want to do it
PM me...
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cookies7 Donating Member (74 posts) Send PM | Profile | Ignore Wed Jan-05-05 04:36 PM
Response to Reply #14
15. Well, that's the one thing I haven't learned how to do yet
I have been looking for a way to do that and can't figure it out. HELP.
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cookies7 Donating Member (74 posts) Send PM | Profile | Ignore Wed Jan-05-05 04:38 PM
Response to Reply #15
16. Oh nevermind
I found it but it says I don't have enough posts yet to PM anyone. I wonder how many are "enough"
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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:43 PM
Response to Reply #16
20. hmmm... dunno
anyway, you have options, some kosher some not as kosher. That being said you should definitely ask an accountant what is best for you.

all above board... claim the rent as income, maintenance as expense and depreciate the value of the house writing off the depreciation. this will result in a big fat capital gain when you sell the house, but who knows, maybe there will be no capital gains tax by then <sarcasm>

not so kosher... claim it as second home and collect the rent under the table writing off the taxes and mortgage interest
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cookies7 Donating Member (74 posts) Send PM | Profile | Ignore Wed Jan-05-05 04:49 PM
Response to Reply #20
22. Husband is on SS (medical)
Edited on Wed Jan-05-05 04:50 PM by cookies7
so we get back all he pays in through his pension, but I hope it doesn't count as earned income because he isn't allowed to work. I don't think it is. Also if renters claim rent payment I wonder if they check into it and if we don't claim it as income we would be in trouble.
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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:38 PM
Response to Reply #15
17. Click...
the icon above that looks like this
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cookies7 Donating Member (74 posts) Send PM | Profile | Ignore Wed Jan-05-05 04:39 PM
Response to Reply #17
18. Ya thanks, but see my previous post.
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La Lioness Priyanka Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:19 PM
Response to Original message
7. $2000
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loudestchick Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:22 PM
Response to Original message
8. house 70k/130k, stu loans 25k, cr cards 1k, 2 cars 15k
that makes me feel ill.
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motely36 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:23 PM
Response to Original message
9. Just barely under 50,000
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htuttle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:24 PM
Response to Original message
10. Zero
I paid it all off, and refuse to incur any more credit debts.
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Jack_Dawson Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:25 PM
Response to Original message
11. No WONDER Dems have no power
Edited on Wed Jan-05-05 04:25 PM by Jack_Dawson
You're a bunch of renters!

:freak:

:beer:
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Jessica Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:26 PM
Response to Original message
12. Below $50K
$9K car loan/$6K student loans/$5K credit cards (ouch) x(
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MISSDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:41 PM
Response to Original message
19. My mortgage only, which makes me
under a $100,000.
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LSK Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:44 PM
Response to Original message
21. how is a mortgage a debt? its not like you have a choice - own or rent
Edited on Wed Jan-05-05 04:45 PM by LSK
$148k with mortgage

$4.7k not counting mortgage but soon to be paid off
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Nay Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:56 PM
Response to Original message
23. Mortgage only, and it's half paid off.
We pay off credit cards monthly -- no car payments. Used cars.
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tk2kewl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 04:57 PM
Response to Reply #23
24. used cars are the way to go
i think new cars are extravagant wastes of money
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Nay Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 06:44 PM
Response to Reply #24
28. Aren't they? A complete waste of money in a country awash in
cheap used cars. It's a tribute to the power of advertising and the greediness of the American public that any new cars get sold. But, as long as there are a bunch of suckers, you and I can have our pick of used ones, eh?
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GOPisEvil Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 05:00 PM
Response to Original message
25. $90-ish-thousand left on the mortgage. Under $2k in credit cards!
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Nadienne Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 05:02 PM
Response to Original message
26. Waaaayyyy less than $50,000
About $7,000. One student loan ($3,000), and one credit card ($2,000). And I owe my dad $2000 for the car I bought from him. I'm trying to save up to make a good down payment on a house, but that's going very slowly.
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Lady Effingbroke Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-05-05 05:05 PM
Response to Original message
27. ZERO.
What little I own is mine free and clear - trailer, car, etc. $0.00 balance on my one credit card, which is strictly for emergencies.

I am of the firmly considered belief that the less you own, the better off you are...the more crap you have, the more time you spend taking care of and worrying about it.

Just my 2¢.
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Indiana_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-06-05 01:08 AM
Response to Original message
29. About $15,000 total
That includes mortgage @ $8000 left, credit cards @ $6400, and student loan @ $700 left. No car payments. Working on the credit card debt. Hopefully, the tax return will help decrease it by $1500 to 2000 making total debt by May around $11,000 I pray! I've been paying $400/month off in credit to get it paid down.
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