Some home buyers continue to pay their original monthly mortgage payment because they are lulled into the assumption that they are receiving a fat tax deduction from Uncle Sam. They think the situation is tenable because the annual Internal Revenue Service 1098 form that arrives from the lender shows big-time interest payments that make fat mortgage payments worthwhile. Unless you are strapped with an immediate need for a large sum of money (medical emergency, pressing family need) the decision to refinance should be based on how long you will be in your house. Never, ever take out a larger loan only because you believe it to be a wise “tax-deduction” play. J.K. Lasser\'s 1001 Deductions and Tax Breaks 2007: Your Complete Guide to Everything Deductible (J.K. Lasser)

click here for article

search for : , ,