Tim Morris wrote:
>On 9/19/05, Dennis <[EMAIL PROTECTED]> wrote: ><snip> > > >>Get a home equity line of credit (with a fixed interest rate) for 100% >>of the value of your current mortgage. Then use the equity line to pay >>off your mortgage. You now only have an equity credit line payment and >>no mortgage. >> >> ></snip> >Doesn't this eliminate the posibility of using mortgage interest as a >tax deduction? Did you factor that into your plans? >I'm just trying to understand how this would work. I've never heard >of such a strategy. > No, equity lines are the same as deductible as mortgage interest. You even get a statement at the end of the year from the bank with the Appropriate information to put on the tax forms. /* PLUG: http://plug.org, #utah on irc.freenode.net Unsubscribe: http://plug.org/mailman/options/plug Don't fear the penguin. */
