Updated about 4 years ago on . Most recent reply
Paying all cash what are the tax benefits
I’m trying to understand what are the tax benefits for having a property paid off.
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Steve Vaughan
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#1 Personal Finance Contributor
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- East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
What a bunch of horse sh*t. So you can't take depreciation if you don't have debt? LOL
The tax advantages are you will no longer get a -70% return. Give the bank $10k in interest and the IRS gives you $3k back. That's your 'tax benefit'.
The real savings happen when you buy without a loan. Saves me $5k in borrowing costs, bs appraisal and bs lenders insurance every time.