Quote:
Originally Posted by OilersBaby
why is it a terrible idea? i love it because it reduces your tax liability by a lot. Last tax year my husband and i didnt own a house and so our tax refund was pretty small..but we bought a house in june 2007 and when we got our refund this month, wow, it was huge! so its awesome for individuals. you dont get taxed as much!
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It is a terrible idea because if you deduct the mortgage then you pay tax on the proceeds when you sell it.
Rule of thumb - if you can deduct it on your taxes, you will need to pay tax on it when you sell it.
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