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JackHammer · 03-15-2004, 08:39 AM

I was looking at the IRS tax schedule for 2003 and I realized that if I lowered my taxable income to below $68,800 I would save over $10k in taxes.

http://www.irs.gov/formspubs/article...109877,00.html

Currently I'm in the bracket of $68800 and above. I'm putting in max on my 401k which is $13,000 for this year and I'm thinking if I buy a place and get a mortgage, I could lower my taxable income to the lower bracket. Do you guys know if the interest for a mortgage is 100% deductible. Just say if I were to pay $580 in interest a month due to the mortgage, I would be paying $6960 a year. That amount plus the $13k I'm conrtibuting to my 401k will definitely lower my income to below $68,800. Is my logic making sense? Am I missing something? What is this thing called the AMT?

03-15-2004, 08:39 AM	#1
JackHammer Commander Join Date: Jun 2000 Location: The Toilet Capital of America Posts: 1,328	Reducing taxes I was looking at the IRS tax schedule for 2003 and I realized that if I lowered my taxable income to below $68,800 I would save over $10k in taxes. http://www.irs.gov/formspubs/article...109877,00.html Currently I'm in the bracket of $68800 and above. I'm putting in max on my 401k which is $13,000 for this year and I'm thinking if I buy a place and get a mortgage, I could lower my taxable income to the lower bracket. Do you guys know if the interest for a mortgage is 100% deductible. Just say if I were to pay $580 in interest a month due to the mortgage, I would be paying $6960 a year. That amount plus the $13k I'm conrtibuting to my 401k will definitely lower my income to below $68,800. Is my logic making sense? Am I missing something? What is this thing called the AMT? __________________ "I'm very sorry for your loss. Your mother was a terribly attractive woman." -Royal Tenebaum "Oh yeah. Oh yeah. I would do everything to her, I don't care what she looks like. I would wreck that chick." -Brian from the Family Guy after Peter asked him whether he would have sex with Lois.