I don't understand why anyone would have a mortgage if they don't need to. The deduction is nice and any deduction is always welcomed. However, the duduction is not like it's a tax credit or anything like that. It's only the INTEREST that you don't have to pay taxes on. Of course it's better than interest on a car loan which is not deductible, but it's still money you've spent and don't have anymore. If you pay $1000 in interest, you're only saving $280 in taxes if you're in the high bracket. Any way you figure it, it's better to have that extra $720 in your pocket. That's just my opinion and it's worth exactly what you paid.
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Greg
A pessimist is an optimist with experience.
"In my many years I have come to a conclusion that one useless man is a shame, two is a law firm and three or more is a congress." - John Adams
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