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Ask Dave

Keep House For Tax Write-Off?

Is it ever a good idea to buy a house for a tax deduction?

QUESTION: Herb has $13,000 in credit card debt and makes $100,000 a year.  He wants to know if should start looking for a house for the tax deduction.

ANSWER: You should get rid of the debt first.  Then build up your 3-6 month emergency fund.  After that, you can save up for a down payment, but make sure you only do a 15-year, fixed mortgage. You should never buy a house for tax purposes though.
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Taxes Made Easy! 

Taxes Made Easy

Take the stress out of tax prep with our free checklist.

Taxes Made Easy! 

Take the stress out of tax prep with our free checklist.