Is the Mortgage Interest Tax Deduction Really Valuable?

One of the reasons for owning a home that is often touted is the mortgage interest tax deduction. Simply put, it can be a large right off given the amounts we borrow these days. That being said, make sure you understand that it is a benefit of owning a home, not a reason to do so. In general, you will end up writing off about 30 percent of your interest rate. If you are paying 10 percent, you’ll right off about 3 percent. That is great and all, but you are going to do better jamming money into your tax-free retirement accounts and so on.  You should definitely claim this tax deduction, but keep some perspective.

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