Sermon Central
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Some Say It Is Better To Stay In Debt On Your ...
Contributed by Aaron Mishoe on Apr 2, 2009 (message contributor)
Some say it is better to stay in debt on your home so you don’t lose the deduction. Let’s look at the math.
“If you have a home with a payment of around $900, and the interest portion is $830 per month, you have paid around $10,000 in interest that year, which creates a tax deduction” of around $3,000 (Dave Ramsey).
Some say you should keep paying the bank $10,000 so you don’t have to pay the IRS $3,000. Does this make since?
Larry Burket used to say, “You pay me $10,000 and I’ll give you back $8,000 and you’ll get a better deal than the IRS.”
It is better to pay off your home.
If you want the same tax deduction after you pay off your home, just make a $10,000 contribution to the church and you will get the same $3,000 tax deduction from the IRS (Dave Ramsey).
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