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In reply to the discussion: One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all]WCGreen
(45,558 posts)20. Of course it is always tied to your tax rate...
But look at it this way, money returned through the interest on mortgage is much better than you can get on any othere investment.
So if you had a $100k to invest now, you would get about $1500 back in the form of interest. I accounted the for the state and federal taxes you would be paying.
But if you borrowed that $100k to purchase a home, you would be getting about $300 to $500 back on your borrowed investment on your home which is also an asset that you can leverage because it is normally an appreciating asset.
I'm sorry I didn't make that clear. I thought most people would see that they aren't getting a dollar for dollar take back in taxes.
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One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all]
WCGreen
Sep 2012
OP
I don't have a dog in this fight, being too poor to ever qualify for a mortgage.
kestrel91316
Sep 2012
#2
I'm presenting facts as to why the Republicans are putting this out as a possible
WCGreen
Sep 2012
#23
But the lower the interest rates available now means more people are paying more
WCGreen
Sep 2012
#43
I've been doing our own taxes for 6 or 7 years with TurboTax. The interest rate deduction
mnhtnbb
Sep 2012
#18