First of all, let me say I am not an accountant. I don't even play one on TV. (random reference from 80's commercial) As I write this, it's tax day. Cue Darth Vader music here. The U.S. government would like to see more home ownership. It's good for the economy all the way around. In an effort to move people down this path, they allow home owners with a mortgage to deduct from their taxable income interest they pay on a home. The amount will be determined by your income tax bracket. These deductions are especially beneficial in the early years of the loan. That is when you are paying very little on the principle and it's mostly interest.
Death and taxes are the only sure things. I can't help you much with death, but I can help you find a home and cut back on those taxes!!Do your research. Consult with an accountant. Don't keep paying your landlord's mortgage. Even though I am sure he is a great guy or gal.
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