Werewolfdad t1_jackgxz wrote on February 28, 2023 at 1:44 PM

Reply to comment by Accomplished-Can-912 in Do I save money on taxes by owning a home by Accomplished-Can-912

Just for clarity, owning a home doesn't necessarily save you on taxes, but having a mortgage can

dissentmemo t1_jacm1l4 wrote on February 28, 2023 at 1:57 PM

Right, technically it's when you don't yet own the home that you're getting a tax benefit, if any.

Accomplished-Can-912 OP t1_jacoxwy wrote on February 28, 2023 at 2:19 PM

Can you elaborate a bit more on that

Accomplished-Can-912 OP t1_jacp1g6 wrote on February 28, 2023 at 2:20 PM

Are you saying it's better to rent the place for 3500 than pay 7000 to own it per month ?

[deleted] t1_jacrt4w wrote on February 28, 2023 at 2:40 PM

[deleted]

dissentmemo t1_jacrx3f wrote on February 28, 2023 at 2:41 PM

Just what werewolfdad says. You can get a benefit for having a mortgage, and specifically, mortgage interest, if you can itemize. Once the mortgage is paid off, you don't get a tax benefit anymore.

But then you aren't paying for a mortgage anymore either.