tax question - Posted by Isabelle

import · August 23, 2003, 3:22pm

Posted by Dave Murray, Ohio CPA on August 26, 2003 at 10:44:02:

All else being equal, I would say to pay off the higher rate debt and keep the lower one. It likely won’t make a difference for tax purposes (but may depending on income levels and what your total itemized deductions are).

import · August 23, 2003, 3:22pm

Posted by Isabelle on August 23, 2003 at 15:22:35:

I just acquired a SFH and paid a portion of my down payment with a HELOC I have on my primary residence.

I am getting a HELOC in place for the newly acquired SFH.

Should I use the new HELOC to repay the amount I took from my primary residence or should I leave things as is for tax purposes?

Thanks.