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Well, the interest part of the mortgage payment is tax deductible, so that offsets things somewhat. Not 100%, but somewhat. Basically the amount you're paying
by jimmywanger 10y ago
Well, the interest part of the mortgage payment is tax deductible, so that offsets things somewhat. Not 100%, but somewhat.
Basically the amount you're paying in interest is tax-deductible, but you're not building equity.
- dionidium 10y agoThis benefit is often overestated (especially in discussions focused on the parts of the country with the highest housing costs (which is to say, places unlike Texas)). This guy was paying $800/mo for rent, so presumably he'd be looking at mortgages near that cost. If so, he'd almost certainly just take the standard deduction.