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+--- Thread: Woot!! Woot!! Mortgage is paid off!! (/showthread.php?tid=189254)
Re: Woot!! Woot!! Mortgage is paid off!! - rz - 03-20-2016
Paul F. wrote:
[quote=Filliam H. Muffman]
[quote=Paul F.]
[quote=Filliam H. Muffman]
It's a great feeling, but it used to be the single best deduction you could have. I would refi the house with a single short loan to pay off all the other loans.
Pay $12,000 a year for a $3000 deduction?
Seriously, I read people whining about losing their penny-ante tax deduction by NOT PAYING THOUSANDS OF DOLLARS A MONTH ON A MORTGAGE, and I honestly wonder; do some of these people have the ability to add and subtract at a third grade level???
Have you run the numbers by a tax preparation expert about how much you can deduct with a $8k primary home loan (at 3.5%) versus $8k in credit card debt (at 12%)? You may not have experience with that, because it's 7th grade math. :wink:
Solution there is, don't have $8k of debt, period... Back to third grade ;-)
I agree with Paul. We've still got about 6 years to go on our 15-year mortgage, and no credit card debt. I will be so happy when the mortgage is paid off.
Re: Woot!! Woot!! Mortgage is paid off!! - bazookaman - 03-21-2016
Paul F. wrote:
[quote=Filliam H. Muffman]
[quote=Paul F.]
[quote=Filliam H. Muffman]
It's a great feeling, but it used to be the single best deduction you could have. I would refi the house with a single short loan to pay off all the other loans.
Pay $12,000 a year for a $3000 deduction?
Seriously, I read people whining about losing their penny-ante tax deduction by NOT PAYING THOUSANDS OF DOLLARS A MONTH ON A MORTGAGE, and I honestly wonder; do some of these people have the ability to add and subtract at a third grade level???
Have you run the numbers by a tax preparation expert about how much you can deduct with a $8k primary home loan (at 3.5%) versus $8k in credit card debt (at 12%)? You may not have experience with that, because it's 7th grade math. :wink:
Solution there is, don't have $8k of debt, period... Back to third grade ;-)
True. But not everyone can snap their fingers and be relieved of debt.
I would think you'd want to pay off your OTHER debt (including credit cards) BEFORE the mortgage b/c you CAN deduct the mortgage.