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Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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i am building a garage and have money in a money market

Resolved Question:

i am building a garage and have money in a money market it better to pay the 9,000 out of that account or pay with my line of credit and pay payments to the line of credit out of the money market account
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.

Good evening. It really comes down to whether you are earning more on the money after tax than the cost of the funds after tax. Given today's interest rates, the money market account can hardly be making any money; thus, it would likely be that you would better to use the money to pay for the garage rather than earn nothing on it and pay a much higher rate on borrowed money.


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