DIYbanter - View Single Post - Overextending ourselves on our first home?

krw

In article , says...
wrote:
First of all, a few things have to happen before the house is even an
option.

It would not be an option at all if I were you. You're counting it
as an investment, which you should not do, because in your situation
it is *not* a safe investment and you cannot afford a risky one.

In all this discussion of tax deductions, I have not seen mentioned
the standard deduction. Do you realize that to deduct your mortgage
interest and taxes you lose the standard deduction? Your mortgage
can cost you more in taxes than it saves, if you miss this trick.

The standard deduction is not $36,000/yr.

--
Keith