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I can't think of any reason to defer buying a house if you will be renting. You may or may not get a tax benefit from the mortgage interest depending on your current status. Do you currently itemize or take the standard deduction? If you already itemize, the mortgage interest will give you an additional deduction. If you currently take the standard deduction, you may receive a small tax benefit this year from being able to itemize. But next year, you should definitely see a benefit.Keith
<<My fiance and I are getting married in September, 2000. We plan to buy a house, with 20% down, in October, 2000 with savings and stock options from her employer, Akamai (a company you should follow).>>Then the FIRST thing that you'll want to do is to check out my various articles about the marriage penalty in the Taxes FAQ area. Since you are gettin' hitched later in the year, there may be some tax surprises that you don't want to find out about come April 15, 2001. << Our regular combined annual income is in excess of $150k, for 2000 it will be in excess of $220k. Is it wise to buy this year to begin the tax savings, or are there reasons to defer until January, 2001. Any advice or direction toward competent advice would be greatly appreciated.>>I can't think of any tax reasons to wait. But you'll really want to take a look at the numbers and see if "waiting" will help you out in any other way. I sure can't think of a reason why it would, but I might be missing something. TMF TaxesRoy
Thanks for confirming my thoughts. As an estate litigator, I share your professional zeal.
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