Friday, July 18, 2008

4 Great Reasons to Rent

2. Tax deductions are overstated

Conventional wisdom claims that you save money when buying a home because mortgage interest is tax deductible. But one study points out that more than half of homeowners don't receive a break because, even with mortgage interest and property taxes, their total deductions do not exceed the standard federal tax deduction ($10,900 for couples and $5,450 for singles).

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