Auston Grove Apartments

1160 Auston Grove Drive, Raleigh, NC 27610
Call: 866-220-3907 Email UsAustonGrove001@myLTSMail.com View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$800-$1250

Apartments Raleigh NC Blog

Don’t Believe the Hype!

Darren Kincaid - Thursday, May 20, 2010

The biggest home ownership myth in the country is that owning a house is a huge tax break. I don’t know how many times that people have personally told me that they want to buy a home because they NEED a tax deduction!

I just shake my head in disbelief because I have done the math. If your mortgage interest and other qualifying expenses such as charity contributions aren’t more than the standard deduction, ($11,400 for joint filers in 2010), there is no tax advantage to owning. Assume that you buy a $200,000 house with a 5% down payment at a 6% interest rate. Your mortgage interest for the year would be $11,336. The Standard Deduction for join filers is $11,400. In this example, there is NO TAX BENEFIT.

Even when there is a tax benefit, you most always have paid much more money to maintain the house than you are saving in taxes.

By Jennifer Moran


Auston Grove Apartments

1160 Auston Grove Drive, Raleigh, NC 27610

Call: 866-220-3907
Email UsAustonGrove001@myLTSMail.com
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$800-$1250