"Maybe it doesn't help you in your particular financial situation, but for many people it is a huge benefit."
Agreed, but many people act like paying interest for the tax benefit is a plus to home ownership. Like I said, if you have to pay a mortgage, at least the gov will give back some of the amount over the standard deduction, but no one would willingly pay interest only to get 25% (or whatever your tax bracket) back if they didn't have to.
<< <i>"Maybe it doesn't help you in your particular financial situation, but for many people it is a huge benefit."
Agreed, but many people act like paying interest for the tax benefit is a plus to home ownership. Like I said, if you have to pay a mortgage, at least the gov will give back some of the amount over the standard deduction, but no one would willingly pay interest only to get 25% (or whatever your tax bracket) back if they didn't have to. >>
Another factor is that over time your mortgage "turns around" and your payment is mostly principal and not much interest. When it becomes more advantageous to take the standard deduction than it is to itemize, it's time to end the mortgage.
Comments
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Agreed, but many people act like paying interest for the tax benefit is a plus to home ownership. Like I said, if you have to pay a mortgage, at least the gov will give back some of the amount over the standard deduction, but no one would willingly pay interest only to get 25% (or whatever your tax bracket) back if they didn't have to.
<< <i>Well, I've done it.
I set up at a local show this past weekend and sold exactly $30,482 from my collection. q]
Wow, thats pretty good for a local show.
EAC 6024
He who knows he has enough is rich.
Just kidding
Www.killermarbles.com
Www.suncitycoin.com
<< <i>"Maybe it doesn't help you in your particular financial situation, but for many people it is a huge benefit."
Agreed, but many people act like paying interest for the tax benefit is a plus to home ownership. Like I said, if you have to pay a mortgage, at least the gov will give back some of the amount over the standard deduction, but no one would willingly pay interest only to get 25% (or whatever your tax bracket) back if they didn't have to. >>
Another factor is that over time your mortgage "turns around" and your payment is mostly principal and not much interest. When it becomes more advantageous to take the standard deduction than it is to itemize, it's time to end the mortgage.