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  • Profile photo of redleggerredlegger
    Member
    @redlegger
    Join Date: 2010
    Post Count: 3
    August 13, 2010 - 2:36 am

    Thanks Lincoln!

    So  i park the 50K in an offset account against the $240K i owe now – then i keep paying off the same amount of money i am now , but the interest generated is less, therefore reducing the primary amount faster? Have i got that right?

    If so, come tax time, do i claim deductions on the interest for $240k or $190k ?

    Profile photo of redleggerredlegger
    Member
    @redlegger
    Join Date: 2010
    Post Count: 3
    August 13, 2010 - 2:07 am

    Thanks Lincoln, much appreciated.

    My wife and i can come up with the $50k coming in the next few months from another investment so we could come up with the money required for deposit if we needed to,
     Should i use this 50K as the deposit for the new home, or should i dump it on my current property to decrease the debt on it?

    Thanks!

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