ByteOnBikes@discuss.online to Late Stage Capitalism@lemmy.world · 11 days agoAlso, your credit score drops if you pay all your debtsdiscuss.onlineimagemessage-square175linkfedilinkarrow-up1973arrow-down119
arrow-up1954arrow-down1imageAlso, your credit score drops if you pay all your debtsdiscuss.onlineByteOnBikes@discuss.online to Late Stage Capitalism@lemmy.world · 11 days agomessage-square175linkfedilink
minus-squareBooboofinger@lemmy.worldlinkfedilinkarrow-up3·11 days agoKeeping a mortgage is also used as a tax write off. So a lot of people who could afford to pay off their homes don’t because of that as well.
minus-squaretacosanonymous@mander.xyzlinkfedilinkarrow-up4·11 days agoThat’s because it’s generally false. It’s only correct under certain circumstances like being in the house flipping game, etc. and likely requires you to have a tax lawyer. Paying a mortgage generally costs more than the deduction.
minus-squareThatGuy46475@lemmy.worldlinkfedilinkarrow-up1·11 days agoDoesn’t everything cost more than the deduction unless the tax is more than 100%?
minus-squaretacosanonymous@mander.xyzlinkfedilinkarrow-up1·11 days agoYou’d think. But it gets weird when you are doing a lot of business because other factors come in that DO NOT APPLY to normal homeowners. That’s the only reason I qualified with any exception which is the inverse of what op was doing.
Keeping a mortgage is also used as a tax write off. So a lot of people who could afford to pay off their homes don’t because of that as well.
I’d like to see the math on that.
That’s because it’s generally false. It’s only correct under certain circumstances like being in the house flipping game, etc. and likely requires you to have a tax lawyer.
Paying a mortgage generally costs more than the deduction.
Doesn’t everything cost more than the deduction unless the tax is more than 100%?
You’d think.
But it gets weird when you are doing a lot of business because other factors come in that DO NOT APPLY to normal homeowners.
That’s the only reason I qualified with any exception which is the inverse of what op was doing.