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Asim Sheikh
  • Long Island, NY
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Tax related question

Asim Sheikh
  • Long Island, NY
Posted Oct 14 2019, 16:47

Hi All - I am new here, and excited to be a part of this community!  I have a general question, and something that likely requires a discussion with a CPA.  Is it generally better to have all of your equity in a home and then pay taxes on the rental income, OR is it better to withdraw money from the home with a low interest mortgage, and then take tax deductions on the interest?  Of course, I have overly simplified this question for a discussion, as I realize that there are numerous other factors to consider.  

I should also add that I currently have a home (primary residence) with a mortgage, and I'm sure that the bank will consider debt-to-income in determining whether they should give me a loan.  I am thinking of using that money to purchase another property for rental purposes.

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