Buy Houses For Cash
To pay less tax, is it better to buy a house in cash, or to obtain a bank loan?
I'm a lonely man who pays about 30% in taxes to the government. My salary year is approximately $ 69,000. Some people advised us not to buy a safe house (my dad wants to buy a $ 200,000 home cash, and I'd be in the title) What they say is to give a deposit of about 20%, then get a bank loan for the balance. This way, they told me end up paying less tax per year (and instead I pay 30% would pay less) Is this correct? What should we do? Please give me your best advisor. Thanks,
They are confused. The interest you pay on your home is tax deductible. This means that if you pay 10,000 in interest year to a mortgage company, you get 30% of your tax return. My thought has always been. Why pay all interest and to recover only 30% return? Dame 100,000, I will send you a check for $ 30,000 any day my in-laws think the same way. Think mortgaging their homes to the handle for back 30% of the interest income tax is a good idea. My parents, leaving out in the other. I think it's purely a matter of financial intelligence. To pay less to open a tax-deductible IRA. REAL is a tax haven. /
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