As far as interest deduction, you are only permitted to deduct the interest on up to $1,000,000 of debt. The interest reduces your taxable income, so there is some benefit to having a mortgage, but only if you borrow less than $1,000,000.
If you were really worth 20 million you would not ask such a stupid question. By now you would know here isn't any such thing as a mortgage over 2 million. All home sales higher then that are cash only deals.
Why waste your time with silly s**t questions?
I feel I'm being kind by the way I'm answering this because,the other's were kind of rude.. Anyway,just hire an accountant don't take any advice from anyone on Yahoo Answers when it involves finance. Just please hire an accountant or someone trust worthy to look over your money !
mortgage tax 'deduction' is a marketing hype
to help lower math skill folks rationalize a mortgage.
Clearly a troll as pointed out by nascar8gyrl and John
If you were really a millionaire, you would be asking your financial advisor this question, not strangers on Yahoo! Answers.
I think you need to hire a person to manage your money. That is the dumbest thing I have ever heard. A mortgage is a major tax deduction.
OK, so I am looking at a $6 million home. All in all, with investments and properties, I am worth about $20 million. I want to pay for the house up front, as I don't like mortgage payments. With approximately $14 million left "in the bank," will I be able to afford the home, inclusive of heating, utilities, and property taxes, assuming I only live off of my investments?
