An Overrated Tax Strategy - The Home Mortgage Interest Deduction

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The mortgage interest deduction just might be the most overrated tax saving strategy there is, and yet it is thought about by many to be a original theorize for home ownership.

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Look, I present financial seminars for thousands of population every year. During breaks population 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 theory ever developed. Open a Roth Ira so that you can have tax-free investments and tax-free revenue 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. population 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 ,000 a month in interest on your mortgage, and if you're in the 28% tax bracket, you will still pay 0 a month in interest (,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 vocation 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

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