Thomas Rogers
Well-Known Member
SST, regarding:
That's only good advice if the tax deductions are greater than the difference in the cost of financing with lower rate new car loan and the higher rate Home Equity loan.
I considered that. The Home Equity rates were at least 3% higher...thats higher than any tax deductions you might get.
Also, I have been told that technically you are only supposed to declare the deduction for the home equity financing if using the money for your home. In other words, you aren't legally supposed to declare it if used for a car, or for debt consolidation (though many do and the IRS has no real way of policing that).
TJR
That's only good advice if the tax deductions are greater than the difference in the cost of financing with lower rate new car loan and the higher rate Home Equity loan.
I considered that. The Home Equity rates were at least 3% higher...thats higher than any tax deductions you might get.
Also, I have been told that technically you are only supposed to declare the deduction for the home equity financing if using the money for your home. In other words, you aren't legally supposed to declare it if used for a car, or for debt consolidation (though many do and the IRS has no real way of policing that).
TJR
