Mortagage interest only loans | 401k Questions

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Asked 12/3/2007

Mortagage interest only loans

Standard parent w/kids get back $4500 on tax return> yearly income is $17,000. my second job is not taxable> i pay mortage (interest only) 30,000 at the end of the year.
how can i get some of that money back? and up my return by $3000 back? i thought my house was a good taxes brake. my taxes last year was $100 more than i usually get . if i didnt have a house.
i truly need to get on of debt with property taxes owed> advice on how my interest only payment can work for me?

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Answer 1/2 - Submitted 12/8/2007

I'm not sure what kind of tax breaks you get on an interest only house loan. Because you are only paying the interest you will never build up any equity in the house until you sell the house for a profit. I'm not sure how the IRS would view that.

How is your second job not taxable? You are taxed based on your total income in a year, not if one job is under $3,000 a year. I think you will need to be paying taxes on that job, unless it is all under the table.

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Answer 2/2 - Submitted 5/29/2008

I don't think that a interest only house is a tax benefit since you don't actually pay into the house at all. you are almost just like paying rent there hoping it goes up in price to sell it and make a profit on it.

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