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re: Mortgage interest deduction what am I missing
Posted on 3/17/17 at 1:52 pm to Joshjrn
Posted on 3/17/17 at 1:52 pm to Joshjrn
quote:
I would link you to the thread where I countered people citing the deduction as a reason to buy over renting, but I'm on my phone and it's simply not worth the effort
Renting is absolutely the way for younger folks, single folks and those with no children. The tax benefits do not accrue until you have developed a sophisticated and robust package of deductions you can bundle with HMID - now the mortgage can be the foundation for folks who are self employed to get the tax benefits of other things - in particular if you own a lot of investment real estate, generally, it can make sense.
But purely from a housing standpoint, a lot of folks are buying and not getting this deduction.
Posted on 3/17/17 at 2:09 pm to Ace Midnight
So really even if you have 13k mortgage deduction it really should only be looked at as a $400 because you would get 12.6 for just living. Am I wrong in my thinking here?
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