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Old 09-07-2014, 12:37 PM
 
Location: Myrtle Creek, Oregon
12,255 posts, read 12,503,351 times
Reputation: 19413

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Quote:
Originally Posted by Thinking-man View Post
Since the interest paid on mortgages is presumably a big chunk of tax write off, i'm wondering what some of you folks did to offset that 'loss of tax benefits' once your mortgage was paid off!

Aside from IRAs/401k/529 plan, what other methods did you use to lower your tax burden after finishing with the mortgage?

The mortgage tax deduction is a scam. "If you give $1000/month to the bank, the government will give you $200 back." The fact is, if you don't squander your money paying interest, you have so much money that you don't need the stupid deduction.
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Old 09-07-2014, 02:48 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 13,951,748 times
Reputation: 6436
Quote:
Originally Posted by highcotton View Post
Well put! They just don't 'get it' do they?

They are worried about replacing the tax deduction they've eliminated by paying-off their mortgage (as if that's a bad thing), which was say 25% of the full interest they have been paying on the loan. But they don't even realize that paying-off their mortgage will actually save them the remaining 75% amount of interest they've been paying (throwing away/burning) for their loan.

Interesting read: Flunked Math in the 3rd Grade
Ding ding Ding! The premise is nonsensical. Why lament getting SOME of the money you paid back when you can save all the money? The health care savings account sounds nice to me.
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