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money money money money

I just got off the phone with my tax advisor. Since Karen & I will be married before year's end, he recommends that we each drop our deductions on our paychecks by 1...there may or may not be anything lingering from the marriage penalty when we do our taxes next year, but it's best to have enough taken out to get a return, not have to pay in.

I got all elated last night when I realized that the house behind mine sold in February for $25K more than I bought mine. For identical units, that means that the value (ignoring things like changes to the interior of the homes, etc.) increased by $25K in 18 months. If that trend continues (and is applicable to our house) we can get out from under mortgage insurance sometime soon. Or, if things are going really well, we could possibily get a 2nd mortgage at a lower rate and pay off the credit cards and/or my car.

I think I should give my loan agent a call & see what he thinks. Before we get the house assessed again (it's assessed every time you refinance, or every time you sneeze, whichever comes first) it'd be nice to retile the foyer and downstairs bathroom, and finish a couple of other minor home improvement projects. Every bit helps.

Comments

( 2 comments — Leave a comment )
chite
Jul. 2nd, 2002 07:56 am (UTC)
I highly recommend this. I had friends who got married 1/2 way through a year and ended up paying $6000 in taxes because they took out too much when they weren't married.

Makes ya want to get married January 1st, doesn't it?

:)

sethcohen
Jul. 2nd, 2002 08:31 am (UTC)
Don't laugh. We know people that got married 1/1 this year. Freaks. How the heck were we going to make it to a Tuesday wedding when I work???
( 2 comments — Leave a comment )