WeI have reached the 25x spending savings goal, 1.6million not including a payed off house. I have 2 rentals both with a morgages at 4.6%. We make too much money to write off anything from the rental houses on our taxes. . I have a home equity line of credit at a rate of 2.9% I would like to start to pay off the rental houses, I was wondering if I should pay off one of the houses $115k with the line of credit and write off the interest on my taxes, I know it might not me legal, but I have many things I could say that I used the money for to skirt around the tax code.
The 2.9% is adjustable but I think interest rates will remain low for another 2+ years.
any thoughts????