Should I pay cash to purchase a home?

Forum|Forum|6 years ago
February 4, 2020
2 replies
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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!

Not A Product Question

VolvoGirl

Employee

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.

NCPERSON1

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?