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Should I keep a mortgage for the tax deduction?

How big is the Mortgage interest deduction?

We often hear, “you should keep a mortgage on your home for the tax deduction.”  I am going to explore this statement, by using actual numbers from a tax return I prepared.

Ed and Daisy (names changed to protect innocent and guilty) are married with 3 children with an AGI of $99,318. They itemize deductions rather than take a standard deduction (pre 1986 referred to as long form).  Below is a list of their itemized deductions. 

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Comment by J.B. Farrell on March 25, 2013 at 8:40am

Thank you both for the kind words, I appreciate it.

Comment by stephen rager on March 23, 2013 at 7:38am

Great article I shared it to facebook!

 

Comment by Dan Miller on March 23, 2013 at 5:04am
J.B.
Wow I love your clear explanation on this.

Check it out!

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