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Author: myplanet1 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Income Tax and Mortgage Deduction Date: 7/18/2003 5:23 PM
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All,

My first post here. Wanted to get opinions/feedback on the following scenario:

Annual Income --appox 50k
Mortgage amt after current refi (and now with 20% equity)-97K
Filing Status --Single, no other deductions

I currently have Fixed 30yr rate of 5.875% with PITI totalling about $730. Don't know the exact figure. Am thinking of refinancing to 5/1 ARM at probably 4% interest with 0 points and cost with ING Direct.

My question is will I lose the itemized tax deduction benefit since my interest paid will be lower and I may end up with taking the Single Deduction? I don't remember what the threshold is for Singles. Feedback will be appreciated.
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