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Old 02-08-2013, 12:19 PM   #7
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SenoraE
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Join Date: Feb 2009
Location: Buffalo, NY
Posts: 3,047
Re: When the house is paid off... then what?

Quote:
Originally Posted by cmarsh31 View Post
In addition to to property taxes and insurance, how does it affect your federal & state taxes? If we didn't have our mortgage interest to deduct, I know we'd end up paying a LOT each year (heck, before we bought our first house, when we were making combined less than half of what DH makes now, we had to pay). Make sure you look into that if it's an issue so you have the amount you need saved up!

Congrats!!!!
Thank you for this thought!! I will ask our tax guy this year how it would impact us if we had $0 interest to deduct. I know this year it was $5k+ on the mortgage tax paperwork that came through. We already have 0 deductions, but perhaps we can add to the amount getting taken out for the following year... maybe even $25 each per pay, which would be $100 / month would help!
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