Thanks for clearing this. It made no sense why people kept mortgage for tax deduction purposes. When i watched a whole bunch of videos on it, im like, this is pure stupidity. Best strategy is pay off that mortgage and save all the interest payments, period! Much Appreciate for sharing this.
So as a single filer, my standard tax deduction due 2023 is $13,850. In order for itemized deductions to be worth it, just hypothetically using an average 20% tax rate, I would have to spend more than $69,250 in itemizable and taxable money, correct? To get more than 20% of that income deducted?
I definitely think it's better to own a house if you can..I just wouldn't consider it a waste of money if you rent.
Thanks for clearing this. It made no sense why people kept mortgage for tax deduction purposes. When i watched a whole bunch of videos on it, im like, this is pure stupidity. Best strategy is pay off that mortgage and save all the interest payments, period! Much Appreciate for sharing this.
So as a single filer, my standard tax deduction due 2023 is $13,850. In order for itemized deductions to be worth it, just hypothetically using an average 20% tax rate, I would have to spend more than $69,250 in itemizable and taxable money, correct? To get more than 20% of that income deducted?