Saturday, May 14, 2011

Should you have a mortgage for the tax deduction?

One concern I've had now that we are paying down the mortgage is how will it affect our taxes next year. We won't be paying as much in interest this year as we did last year so it's possible we may have to even pay in next April. I found this YouTube video in which Dave Ramsey talks about a farmer buying property with over $100,000 in cash out of his bib overalls, and the farmer has some advice about whether or not it is a good idea to take out a mortgage for the tax deduction on the interest paid.

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