Mortgage interest tax deduction

Mortgage Interest tax deduction
Mortgage Interest tax deduction

The mortgage interest tax deduction is so misunderstood.  It is a deduction not a credit and only people who have enough deductions to itimize get the deduction.  It isn’t really a money savings or a bargain to pay a few thousand dollars in interest to get our tax burden reduced by a couple of hundred dollars.  Who thinks up that wacky math that says if we spend a lot of money we can save a little?

2 Comment

  1. Barry says:

    Thanks for commenting on that, Teresa. People told me that I shouldn’t pay off my mortgage but I ignored. Maybe I pay a little more tax now but I have no house payment. It is nice.

    1. Teresa Boardman says:

      Barry – I have an article about paying off the mortgage too. people almost instantly assume paying off a mortgage is a bad move. I have never really understood that kind of math where spending a lot of money can save a little.

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