{"id":14215,"date":"2022-01-17T14:55:07","date_gmt":"2022-01-17T19:55:07","guid":{"rendered":"https:\/\/marriagekidsandmoney.com\/?post_type=podcast&#038;p=14215"},"modified":"2023-02-09T16:49:40","modified_gmt":"2023-02-09T21:49:40","slug":"keep-mortgage-for-mortgage-interest-tax-deduction","status":"publish","type":"podcast","link":"https:\/\/marriagekidsandmoney.com\/podcast\/keep-mortgage-for-mortgage-interest-tax-deduction\/","title":{"rendered":"Keep the Mortgage for the Mortgage Interest Tax Deduction?"},"content":{"rendered":"\n<p>Does it make sense to pay off your mortgage if you lose the mortgage interest tax deduction? This is a common question people struggle with who are considering paying off their mortgage.<\/p>\n\n\n\n<p>Will my paid-off home be worse for my tax situation?<\/p>\n\n\n\n<p>It's no wonder this is a common question.&nbsp;Unless you're a tax professional, taxes are super confusing!&nbsp;<\/p>\n\n\n\n<p>For most people, this is a real question that people should know the answer to before going down the mortgage freedom path.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s break it down.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"wpbf-responsive-embed\"><iframe loading=\"lazy\" title=\"Keep the Mortgage for Tax Savings?\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/U5JAGni3nA4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Will I receive a mortgage interest tax deduction this year?<\/h2>\n\n\n\n<p>To find out if you will receive a mortgage interest tax deduction this year, let\u2019s first discuss the <a href=\"https:\/\/www.taxpolicycenter.org\/briefing-book\/how-did-tax-cuts-and-jobs-act-change-personal-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">2017 Tax Cuts and Jobs Act<\/a> that changed things around a bit.&nbsp;<\/p>\n\n\n\n<p>With the passage of this Act, the standard deduction increased significantly.&nbsp;<\/p>\n\n\n\n<p>It was around $6,350 for single filers and for single filers this year the standard deduction is $12,550.<\/p>\n\n\n\n<p>For married filing jointly it went from $12,700 to $25,100 for those filing their taxes this year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Changes-1.jpg?resize=628%2C354&#038;ssl=1\" alt=\"Standard Deduction Changes\" class=\"wp-image-14253\" width=\"628\" height=\"354\" srcset=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Changes-1.jpg?w=960&ssl=1 960w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Changes-1.jpg?resize=300%2C169&ssl=1 300w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Changes-1.jpg?resize=768%2C432&ssl=1 768w\" sizes=\"(max-width: 628px) 100vw, 628px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>I\u2019m going to stick with the married filing jointly numbers because of the whole \u201cmarriage kids and money\u201d theme I\u2019ve got going here.&nbsp;<\/p>\n\n\n\n<p>This overall change decreased the need to itemize mortgage interest deductions for the majority of Americans.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Example:  Standard Deduction with a Mortgage<\/h3>\n\n\n\n<p>As an example, let\u2019s say Diana and her spouse pay around $6,000 in mortgage interest this year.&nbsp;They also give $7,000 to charity as well. And their property taxes were around $4,000. Their total deductions come out to <strong>$17,000<\/strong>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-14.jpg?resize=622%2C350&#038;ssl=1\" alt=\"Standard Deduction Example\" class=\"wp-image-14254\" width=\"622\" height=\"350\" srcset=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-14.jpg?w=960&ssl=1 960w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-14.jpg?resize=300%2C169&ssl=1 300w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-14.jpg?resize=768%2C432&ssl=1 768w\" sizes=\"(max-width: 622px) 100vw, 622px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Since they are married filing jointly, their total deductions fall well below the standard deduction.&nbsp;It makes more financial sense for them to take the standard deduction.&nbsp;They are going to save more on taxes this way.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Example:  Standard Deduction without a Mortgage<\/h3>\n\n\n\n<p>Now, let\u2019s assume Diana and her spouse decide to go mortgage-free after years of paying down their principal.<\/p>\n\n\n\n<p>Their mortgage interest deductions would be $0, let\u2019s assume their charitable nature continues at $7,000 and their property taxes are $4,000.&nbsp;Their total deductions come out to <strong>$11,000<\/strong>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-15.jpg?resize=627%2C352&#038;ssl=1\" alt=\"Mortgage Interest Tax Deduction Example\" class=\"wp-image-14255\" width=\"627\" height=\"352\" srcset=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-15.jpg?w=960&ssl=1 960w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-15.jpg?resize=300%2C169&ssl=1 300w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-15.jpg?resize=768%2C432&ssl=1 768w\" sizes=\"(max-width: 627px) 100vw, 627px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Again, well below the standard deduction.&nbsp;<\/p>\n\n\n\n<p>So, in both cases, Diana and her spouse would NOT receive any more special tax treatment because they kept their mortgage.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Other Deductions You Can Itemize Other Than the Mortgage Interest Tax Deduction<\/h3>\n\n\n\n<p>Now, are there other things you can itemize for deductions when it comes to tax time? Yes.&nbsp;<\/p>\n\n\n\n<p>According to the IRS, itemized deductions include amounts you paid for:<\/p>\n\n\n\n<ul>\n<li>State and local income or sales taxes<\/li>\n\n\n\n<li>Real estate taxes<\/li>\n\n\n\n<li>Personal property taxes<\/li>\n\n\n\n<li>Mortgage interest<\/li>\n\n\n\n<li>Disaster losses<\/li>\n\n\n\n<li>Gifts to charity<\/li>\n\n\n\n<li>Part of the amount you paid for medical and dental expenses<\/li>\n<\/ul>\n\n\n\n<p>This could be a factor for some Americans on a special year, but on a year-to-year basis for the everyday American, not really.&nbsp;<\/p>\n\n\n\n<p>To see how the newer standard deduction affects your tax situation, I\u2019d suggest answering these quick questions and calculating the result.&nbsp;<\/p>\n\n\n\n<p>How much &#8230;<\/p>\n\n\n\n<ul>\n<li>&#8230; Did you give in charitable donations last year?&nbsp;<\/li>\n\n\n\n<li>&#8230; Was your annual mortgage interest last year?<\/li>\n\n\n\n<li>&#8230; Student loan interest did you pay last year?<\/li>\n\n\n\n<li>&#8230; Property taxes did you pay last year?<\/li>\n\n\n\n<li>&#8230; Did you pay in the other categories I mentioned earlier?<\/li>\n<\/ul>\n\n\n\n<p>Total these up and see if it\u2019s higher than the standard deduction.&nbsp;If you\u2019re below that level, keeping your mortgage for the tax deduction benefit doesn't make sense.&nbsp;<\/p>\n\n\n\n<p>Again, if your deductions calculate to be below the standard deduction, you are not saving anything extra by keeping your mortgage vs paying it off early.<\/p>\n\n\n\n<p>Now, Could Diana have a much higher mortgage interest than described in my example?&nbsp;Absolutely!&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/average-mortgage-payment\" target=\"_blank\" rel=\"noreferrer noopener\">Most Americans don\u2019t<\/a>, but let\u2019s just say Diana did for our next section.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Is it worth it to keep my mortgage (if my total deductions are above the standard deduction)?<\/h2>\n\n\n\n<p>For most Americans, the answer will still be no.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.bankrate.com\/taxes\/standard-or-itemized-tax-deduction\/\" target=\"_blank\" rel=\"noreferrer noopener\">90% of Americans opt for the standard deduction<\/a> when they file their taxes.&nbsp;<\/p>\n\n\n\n<p>So for the 10% that don\u2019t take the standard deduction \u2026 is it financially worth it to keep their mortgage for the tax savings?<\/p>\n\n\n\n<p>Let\u2019s say Diana and her spouse paid $16,000 in mortgage interest last year, gave $7,000 to charities and paid $4,000 in property taxes.&nbsp;Their total deductions in this example are <strong>$27,000<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-16.jpg?resize=631%2C355&#038;ssl=1\" alt=\"Mortgage Interest Tax Deduction Example\" class=\"wp-image-14256\" width=\"631\" height=\"355\" srcset=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-16.jpg?w=960&ssl=1 960w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-16.jpg?resize=300%2C169&ssl=1 300w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2022\/01\/Standard-Deduction-Diana-16.jpg?resize=768%2C432&ssl=1 768w\" sizes=\"(max-width: 631px) 100vw, 631px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Since their deductions are over the standard deduction, it makes sense for them to itemize.&nbsp;<\/p>\n\n\n\n<p>That additional $1,900 of deductions will lower their taxable income by $1,900.&nbsp;Let\u2019s say they are in the 24% tax bracket and this saves them around $500.&nbsp;<\/p>\n\n\n\n<p>Their total out-of-pocket cost for their mortgage interest is now around $15,500 instead of $16,000.&nbsp;Nice!<\/p>\n\n\n\n<p>But if they were mortgage-free, their total out-of-pocket cost for their mortgage interest would be <strong>$0<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Paying $0 in mortgage interest is better than $15,500 in my opinion!<\/p>\n\n\n\n<p>So based on these financial breakdowns, I believe in almost all cases, when it comes to the question of &#8220;Should I NOT pay off my mortgage because of the mortgage interest tax deduction?&#8221;<\/p>\n\n\n\n<p>I say &#8230; Nope! Pay it off.&nbsp;<\/p>\n\n\n\n<p>Not only will you experience better financial benefits, but you\u2019ll receive SO many emotional benefits as well.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5 Emotional Benefits of a Paid Off Home<\/h2>\n\n\n\n<p>Let's briefly discuss 5 of those real-life emotional benefits that can come with mortgage freedom.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. The Ability to Go Down to Part-Time Work<\/strong><\/h3>\n\n\n\n<p>When our family became mortgage-free, we owed a lot less money each month.&nbsp;Since we owed a lot less money, we didn't need to make as much money. Therefore, we could change our work situation to better align with our family values.<\/p>\n\n\n\n<p>For us, that's meant my wife Nicole going from full-time work to part-time work. This was at a time when she wanted to spend more time with our kids.<\/p>\n\n\n\n<p>Or more recently, I went from a stressful 40-50 hour per week job to a <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/steps-i-took-to-leave-my-six-figure-job-and-become-an-entrepreneur\/\">25 hour per week business<\/a>.&nbsp;I'm more present with my family and my kids and I have more opportunities to pursue hobbies and interests I enjoy.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Reduced Decisions<\/strong><\/h3>\n\n\n\n<p>You know how we're constantly making decisions all of the time?&nbsp;<\/p>\n\n\n\n<p>There's something to never worrying about something ever again, that's really emotionally refreshing.&nbsp;I will never again worry about paying my mortgage.&nbsp;And I will never again worry about refinancing my home when rates go down or up or sideways.&nbsp;<\/p>\n\n\n\n<p>It's done.&nbsp;This is a decision our brains will never have to worry about ever again.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Ownership Pride<\/strong><\/h3>\n\n\n\n<p>Owning anything outright can fill you with personal pride.<\/p>\n\n\n\n<p>When I bought my first bike with my own money, I felt proud.<\/p>\n\n\n\n<p>The same with the first car that I bought with cash. The car just drove differently than my previous leases.&nbsp;<\/p>\n\n\n\n<p>My paid off HOME &#8230; oh man, I feel that ownership pride through and through.&nbsp;I want to care for it more. I want it to be a place my kids will always call home.&nbsp;<\/p>\n\n\n\n<p>Mortgage freedom gives me more pride in my home than I've ever had before.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Retirement Isn't As Stressful<\/strong><\/h3>\n\n\n\n<p>Between our family achieving <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/coast-fire-retirement-planning\/\">Coast FIRE<\/a> and our <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/8-compelling-reasons-to-pay-off-your-mortgage-early\/\">mortgage freedom<\/a>, a comfortable retirement doesn't feel so out of reach now.&nbsp;<\/p>\n\n\n\n<p>Our investments will continue to grow to provide us with the income we need to enjoy our retirement.&nbsp;And our paid-off home will always give us somewhere to live.&nbsp;<\/p>\n\n\n\n<p>I'm looking forward to retirement, but knowing that I love my job, I'm not in any rush.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>5. Showing My Kids How to Live Free<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2021\/06\/PNC-Bank-for-Mortgage-Payoff.jpeg?resize=522%2C273&#038;ssl=1\" alt=\"Hill Family is Mortgage Free\" class=\"wp-image-13560\" width=\"522\" height=\"273\" srcset=\"https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2021\/06\/PNC-Bank-for-Mortgage-Payoff.jpeg?w=1024&ssl=1 1024w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2021\/06\/PNC-Bank-for-Mortgage-Payoff.jpeg?resize=300%2C157&ssl=1 300w, https:\/\/i0.wp.com\/marriagekidsandmoney.com\/wp-content\/uploads\/2021\/06\/PNC-Bank-for-Mortgage-Payoff.jpeg?resize=768%2C402&ssl=1 768w\" sizes=\"(max-width: 522px) 100vw, 522px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>I love that our kids have seen us go on this mortgage-free journey.&nbsp;<\/p>\n\n\n\n<p>We even celebrated the big victory with them by smashing a mortgage pinata filled with candy and prizes.&nbsp;They remember that celebration fondly and I'm hopeful that they will want to experience the same sense of freedom we have as well.&nbsp;That way, our family tree will continue to be strengthened for generations to come.&nbsp;<\/p>\n\n\n\n<p>Check out <a href=\"https:\/\/marriagekidsandmoney.com\/how-to-celebrate-paying-off-your-mortgage-early\/\">how our family celebrated our mortgage freedom<\/a> and 5 other ways to celebrate the big day as a family. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Thoughts on Keeping the Mortgage for the Mortgage Interest Tax Deduction<\/h2>\n\n\n\n<p>So those are my thoughts on whether people should keep their mortgage for the tax savings!&nbsp;I hope that helps as you\u2019re making the decision.<\/p>\n\n\n\n<p>Paying off your mortgage early is a big decision. Ultimately, this is a personal decision that only you can make. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><strong>What do you think of keeping your mortgage for the mortgage interest tax deduction?<\/strong> <strong>Are you pro-mortgage freedom or against it?<\/strong><\/p>\n\n\n\n<p><strong>Please let me know in the comments below. <\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><\/p>\n","protected":false},"author":3,"featured_media":14252,"comment_status":"open","ping_status":"closed","template":"","epcats":[695],"eptags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Keep the Mortgage for the Mortgage Interest Tax Deduction?<\/title>\n<meta name=\"description\" content=\"Should you keep your mortgage for the mortgage interest tax deduction? 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