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Money and Finances
Reply to "Should I Pay Off My Investment Property?"
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[quote=Anonymous][quote=Anonymous]Np. How are taxes calculated on rental income? If you've paid off the mortgage, do you wind up paying more in taxes since the profit margin is larger?[/quote] Well...by paying off my mortgage I will have a higher taxable income. But for every dollar I paid in interest I saved about 33cents. But net I am still paying money to interest. It's just a deduction from my interest so it doesn't make sense to pay interest so that I can save that tax. I am still out the 66cents on the dollar.[/quote]
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