James-I'm with Jonathan.You want a mortgage just to have an income tax deduction? Really? Are you in a 100% tax bracket? Even if you are in a 40% tax bracket, you are still incurring the cost of the other 60%. So what's the advantage? You want tax deductions? Give all of your money to charity. Then you'll owe no income tax, which is a good thing, since you will have NO MONEY to do anything else either. People who have a mortgage SOLELY for the purpose of having a tax deduction, do not understand tax law.
Comments
James-I'm with Jonathan.You want a mortgage just to have an income tax deduction? Really? Are you in a 100% tax bracket? Even if you are in a 40% tax bracket, you are still incurring the cost of the other 60%. So what's the advantage? You want tax deductions? Give all of your money to charity. Then you'll owe no income tax, which is a good thing, since you will have NO MONEY to do anything else either. People who have a mortgage SOLELY for the purpose of having a tax deduction, do not understand tax law.
Post: On Second Thought
Link to comment from September 9, 2023