I am doing my taxes on Turbotax this year, and even though I made about the same amount of money this year, my taxes are a lot higher. With no deductible mortgage interest and a lot less deductible property taxes, my Federal tax bill will be maybe $2500 higher this year.
Now some folks would say, "Well, see, it pays to have a mortgage, as you pay less in taxes!"
But what they are failing to see is that the year before last, I paid over $15,500 in mortgage interest.
Ouch. Which would you rather pay, $2500 in taxes or $15,500 in interest - if you had the choice?
You cannot deduct your way to wealth!
Never confuse a deduction with making money. They ain't the same thing.