Tax deduction is gone for a lot of people

Once the standard deduction got jacked up, you need to be paying an awful lot in interest to itemize anymore. Maybe in an urban area with deranged housing prices it is still a factor, but I was barely paying enough interest to itemize before the standard deduction increase.

In response to this post by Beerman

Posted: 05/14/2021 at 11:10AM

True or false: once you pay off your house, your payment is now free money -- EDGEMAN 05/14/2021 10:07AM

Hundreds of extra $ every month, dude. Every. Month. ** -- BobG 05/14/2021 2:21PM

I don't look at it that way. My first home was paid off in 1988. I had -- JHHOKIE 05/14/2021 12:46PM

My taxes and ins are about $300 of a $1,900 payment ** -- fordham 05/14/2021 12:18PM

Your payment on mortgage should be lots higher than taxes and insurance. ** -- UTPr0sim 05/14/2021 11:29AM

It depends on how you structured your mortgage -- EDGEMAN 05/14/2021 12:16PM

Outside of some rare and obtuse examples, I just don't see that being true -- Tafkam Hokie 05/14/2021 12:34PM

And it was separate then and separate now. ** -- TomTurkey 05/14/2021 11:35AM

I'll use a similar statement to one I've used several times here -- RTFC 05/14/2021 11:21AM

For me, that's a good chunk of my retirement plan... -- JoesterVT 05/14/2021 10:58AM

Hookers ** -- bigbadbird 05/14/2021 10:54AM

False -- MEHOKIE 05/14/2021 10:52AM

Well the principal and interest payment is now available.. -- One4VT 05/14/2021 10:29AM

Well the P&I can now be directed elsewhere, certainly -- Beerman 05/14/2021 10:28AM

Tax deduction is gone for a lot of people -- Tafkam Hokie 05/14/2021 11:10AM

Never understood paying off house.That's cheap money. ** -- Stork 05/14/2021 10:17AM

You can still deduct the property taxes, so... -- EDGEMAN 05/14/2021 12:11PM

Yeah, that's a decision I can make when I retire (in 10-12 years). -- Tank 05/14/2021 11:49AM

Based purely on math, you are correct. -- Tafkam Hokie 05/14/2021 10:54AM

Yep, the peace of mind is worth way more ** -- Hokerer 05/14/2021 11:10AM

All the money I made earning well beyond 4% loan and tax -- Stork 05/14/2021 11:35AM

So, by that theory, you should probably refi your house -- GobblerCE 05/14/2021 4:40PM

So as people approach the end of their 30 year mortgage, you recommend... -- EDGEMAN 05/14/2021 12:12PM

You should also take out the biggest HEL a bank is willing to give you -- Tafkam Hokie 05/14/2021 12:24PM

I prefer to NOT take out a loan to just invest in the market -- EDGEMAN 05/14/2021 12:26PM

Probably worth mentioning I'm debt free not because I paid off my mortgage -- Tafkam Hokie 05/14/2021 11:50AM

Still you could have chosen to get a mortgage and didn’t -- Tombo 05/14/2021 1:27PM

Yup, paid off my mortgage in March. Zero debt = freedom.** -- HokieJay 05/14/2021 11:35AM

Tax deduction is gone for a lot of people

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