03-20-2016, 05:01 PM
Paul F. wrote:
[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: