VeryKim's Profile

I used to own in Northern VA then sold, in large part because of my worries about the housing downturn. This year, without my mortgage tax deduction, I will owe a considerable amount of money. Even though I have lowered my monthly expenses, my taxes have gone up close to $15,000 which is much more than I have saved renting. Depending on your income level the deduction can actually make it cheaper to own since a $1800 monthly mortgage will really be like paying $850 in rent after your tax deduction on the mortgage interest. Something to think about.