Tax Deduction Interest Mortgage
July 1st, 2008
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Question: Is it better to pay off a home loan and save thousands in interest or take advantage of Mortgage Tax Deduction
primary residence 30 yr loan
Answer: it depends upon your cash flow situation and your longer term plans.
how long you plan to stay in the house, the interest rate on the loan, your tax rate and your savings/safe investment rate for the money you would otherwise be putting into the mortgage payment.
do the math…
DL
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Consequences of changing the tax deductibility of property taxes and mortgage interest deductions on owner occupied houses ([National Housing Policy Review study papers]) … |
Bill Thomas: Real estate dreams, schemes helped doom economy
When Bill Thomas was chairman of the tax-writing House Ways and Means Committee, he thought too much emphasis was being placed on home ownership. “If you can afford to buy a house, you are rewarded handsomely in a number of financial ways. If you can’t, you are punished because you pay rent. You can’t even subtract rent from your income tax,” said Thomas, who retired in 2006 after representing …
Tax Tips & Advice : How to Deduct Home Mortgage Loan Interest
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