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Real Estate
Reply to "Gonna sell and buy somewhere cheap and have $0 mortgage"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]0 mortgage may seem attractive but then you don't get the deduction for interest paid. Just factor that in too.[/quote] I think OP would rather pay $0 in mortgage interest than pay $1000 a month in mortgage interest and get $250-$300 of it back as a tax deduction.[/quote] This is true as far as it goes, although remember that a mortgage deduction also becomes the base for other deductions that might not otherwise be claimed if you cannot itemize. So, you have to look at the total value of all the deductions that are being foregone. Granted, it's still not even close to dollar-for-dollar, but it's worth more than just the marginal rate X the totality of the mortgage interest.[/quote]
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