Tax deductions don't outweigh paying off mortgage loan - 2005-01-31
Q. I am a 57-year-old single man, and I plan to retire at age 60. I am considering paying off my home. The home is worth approximately $325,000, and I owe about $70,000 on it. I have $70,000 in savings and money market accounts, which pays me almost no interest.
A: Paying mortgage interest payments just to get a tax deduction is a poor use of money. Nobody wants to pay more taxes than is absolutely necessary.
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