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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] Good point! A small mortgage might be beneficial to lower your tax bill.[/quote] Actually, you are mistaken. A "small" mortgage at today's interest rates probably wouldn't even throw off enough interest to be deductible at all. In places like Washington or Florida, where there is no state income tax, you can have a mortgage of around $200,000 (which buys a lot of house in some of those places) and get to tax benefit. The reason is you have to clear the standard deduction to itemize. The real value of any deduction is the delta between the standard deduction and your last dollar on your itemized list. [/quote]
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