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Reply to "If paying off your mortgage is dumb, why do so many rich people do it?"
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[quote=Anonymous]The standard deduction in 2024 for married is 29.2k. S&L taxes are still limited to 10k. That means you need over 19.2k in other deductions to get any benefit of itemizing. Unless you have a huge mortgage or lots of charity, most will not itemize especially as you get further into the mortgage and the interest piece declines. I stopped itemizing a few years ago. The SD keeps going up and the mortgage interest kept going down. Most people only have those and charity to itemize. Few take the health/business deductions which have thresholds.[/quote]
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