DO you have to pay taxes on savings?
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elijah
Apprentice
Joined: 11 Apr 2004
Posts: 16
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 Posted: 09/04/07 - 05:37 Post subject: |
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| My son gets a note that he has to pay some extra. Therefore, while I was just thinking to consult with some lawyer about should a person have to pay taxes on savings, I have suddenly inherited a lump sum of money. I did not expect that so now I do not know what to start with it. I will give my son enough money to solve his problem. However, if the rest of the money stays in the house we will surly spend it on some unimportant stuff. I am thinking between paying the mortgage and investing it. Is it smart to be paying off mortgage as soon as possible? |
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waldon
Apprentice
Joined: 07 Feb 2005
Posts: 20
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| Posted: 10/17/07 - 00:34 Post subject: |
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| I would surly like to have your kind of problem. Just kidding. Of course, if you don't get the money out of the house it will, most surly, be spend within couple of months. You are right, you should not miss the opportunity to do something important with that money for your family. What to do depends mostly of you. If you have a good mortgage and understand in investments or have somebody you trust to invest your money then it would surly be better to invest it. That way you might earn much more then your mortgage rate. However, if you do not have any experience with investments you should better pay your mortgage and get it of your back. |
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