4 ms·

Also that interest is largely (if not totally) tax deductible.

• niij 5y ago
  Almost 90% of Americans file the standard deduction which precludes you from deducting mortgage interest. https://taxfoundation.org/90-percent-taxpayers-projected-tcja-expanded-standard-deduction/ https://taxfoundation.org/90-percent-taxpayers-projected-tcj...
  • sumtechguy 5y ago
    The std deduction is fairly large now. You have a tough time getting past it for most people. There is also a cap on how much you can deduct. When I had a mortgage I calculated that about half way through the loan I would no longer be able to deduct the interest because the std one was bigger. One guy I worked with said this 'i love using the standard deduction it means I am not paying money to get my money back I am getting a lower tax rate'.
    • niij 5y ago
      That person has a good point. It's definitely a lot simpler.
  • hellisothers 5y ago
    Wow TIL it’s 90% that use standard deduction, thanks for the tip, I’ll factor this in when discussing this in the future.