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0 pointstechnothrasher1y ago0 comments

> Investment shenanigans excluded

You're poisoning the well there, as that is the major reason to get a mortgage even when you have enough cash to buy a house outright. It's not "shenanigans", it almost always makes financial sense to keep your cash invested elsewhere when mortgage rates are low.

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NewJazz1y ago

Also mortgage interest is tax deductible.

goodJobWalrus1y ago

Not in Canada

ghaff1y ago

And, for many people in the US without a lot of deductibles, not in the US either after tax law changes a few years ago.

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TexanFeller1y ago

Standard exemption in the US for a married couple is around $30k. If your mortgage is so massive that the mortgage tax deduction is better than the standard deduction then in most cases you bought a far too luxurious house or in a far too “prestigious” location(SF, NYC, etc.). If you’re not already a millionaire you shouldn’t buy such property.

NewJazz1y ago

Standard deduction for single people is 15k. SALT can get you to 10k, and anything past 5k in mortgage interest (at 5% rates and 100k balance, you're already at the point) is gain over the std deduction. 22.5% on those dollars for many people. More depednnding on state tax.

ghaff1y ago

As someone else commented, things can of course always change, but as things stand today, it takes a very large mortgage and/or very significant other deductibles to get over the standard deductible at this point in the US.

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0 pointstechnothrasher1y ago0 comments

> Investment shenanigans excluded

0 comments

NewJazz1y ago

Also mortgage interest is tax deductible.

goodJobWalrus1y ago

Not in Canada

ghaff1y ago

And, for many people in the US without a lot of deductibles, not in the US either after tax law changes a few years ago.

1 more reply

TexanFeller1y ago

NewJazz1y ago

ghaff1y ago

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