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An Overrated Tax Strategy: The Home Mortgage Interest Deduction
The mortgage interest deduction just might be the most overrated tax saving strategy there is, and yet it is considered by many to be a primary reason for home ownership.
Look, I present financial seminars for thousands of people every year. During breaks people will invariably come up to me and ask me questions about their personal financial situation. I tell them to do five basic things
- Get out of debt and stay out of debt.
- Save 3-6 months of expenses for emergencies and emergencies only.
- Use the envelope budgeting system. It's the best budgeting system ever developed.
- Open a Roth IRA so that you can have tax-free investments and tax-free income for the rest of your life.
- Pay off your mortgage so that you can own a home free and clear.
The one that always meets with the most resistance is the one about paying off a mortgage. People will often say, "I don't want to pay off my mortgage because I need the tax deduction."
That kind of logic gives me a headache. Here's the deal: If you pay $1,000 a month in interest on your mortgage, and if you're in the 28% tax bracket, you will still pay $720 a month in interest ($1,000 minus 28%). So it's only a good deal compared to not getting any tax deduction at all or -- in many cases -- paying rent. A mortgage interest deduction does not "save" you money over not paying any interest at all.
In my entire career I've never heard anyone who owned a home free and clear say, "Gosh, I sure miss having that mortgage payment." So once you've found a home that you want to live in for the rest of your life, work toward paying off your mortgage early. You'll be glad you did.
(c) Larry Holmes
Larry Holmes invites you to visit http://www.smart-money-report.com/ Your common sense guide for financial and investment success.
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