Keep House For Tax Write-Off?

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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