Abberly West Ashley Apartment Homes

3100 Ashley Town Center Drive, Charleston, SC 29414
Call: 844-502-5938 Email UsAbberlyWestAshley.PropertySite.HHHunt@aptleasing.info View Map

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

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Apartments Charleston SC 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


Abberly West Ashley Apartment Homes

3100 Ashley Town Center Drive, Charleston, SC 29414

Call or Text: 844-502-5938
Email UsAbberlyWestAshley.PropertySite.HHHunt@aptleasing.info
View Map

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

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