Is it a smart idea to take a larger mortgage just to gain the extra tax deduction? Here's the scenario:My wife and I have no children, and have no plans for them. We bought our home 1.5 years ago with 30% down for the lower monthly payments. Other than state and personal property taxes, contributions, mortgage interest is the only other thing we can claim on the Schedule A.Together we have a $120k+ gross income, use IRAs and 401ks to the max, and still are going to get a hefty tax bill this year. Would it be better for us to "buy up" and only put 20% down (no pmi here) for the tax deduction? Any other ideas? Thanks.
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