topic Should I pay cash to purchase a home? in Home loans

Should I pay cash to purchase a home?

kevinbaker2275 — Tue, 04 Feb 2020 03:30:27 GMT

New to Turbotax. Not sure if this is the right forum for the post. If anyone feels there is a better place to post, please do let me know. I am a self employed individual looking to purchase a modest home, approx 450K to 550K in Nevada. I was considering purchasing the house in cash. Are there any tax or other financial considerations related to an all cash purchase vs. getting a mortgage. I expect to have income in 2020 and onwards. Thank you!

Re: Should I pay cash to purchase a home?

VolvoGirl — Tue, 04 Feb 2020 03:33:54 GMT

Well because the Standard Deduction is a lot higher now more people will taking the Standard Deduction and not itemizing Deductions. So mortgage interest paid and property taxes won't make a difference.

Re: Should I pay cash to purchase a home?

NCperson — Tue, 04 Feb 2020 20:39:52 GMT

To me, it's not a tax consderation, it's a peace of mind situation.

if you have the cash available is there anything else you'd prefer to be doing with that cash? invest it, buy a car... ..... or do you sleep better knowing you don't own someone else?

Re: Should I pay cash to purchase a home?

VolvoGirl — Tue, 04 Feb 2020 20:45:43 GMT

I paid off my house years early. Very nice. Freedom! Nobody can take it. Don't have to write a mortgage check every month.