Thanks, C.J.!

I love learning new things, new ideas or new concepts...I just do!!!!

I was out looking at a house with a client, we'll call her C.J., because that's her name(!) and we were talking about real estate stuff in general and I made the comment that there were a lot of +'S and -'s to buying a house and one of the +'s is that the mortgage interest deduction is still, even if Obama's thing about reducing the deduction for those who make over 250k is reduced (which is really not "true" because by the time a lot of folks who make way over 250k take advantage of legal tax deductions their taxable income is less than 250k...), is still the largest tax deduction most of us get!
That's the good news.
The bad news is that the new home owner doesn't "feel" that benefit until they file their taxes the following year.
We had gotten on to this subject because we were talking about "payment comfort level" and how buying can frequently be cheaper than renting one the tax consequences take ahold...
The concept here being that one can make a payment higher equal to or higher that one's rental payment and still it is "cheaper" because one's tax liability is significantly reduced.
"Significantly?", you ask.
"Yes.", replies your accountant as he then goes into accounting nuances that are unique and specific to each individual so I don't/won't go there.

So, anywho, she said, "Well, that's why I'll sock away $3,000 until that 'more money in my pocket' shows up next year and out of the $8,000 I'll still have enough money to pay off an irritating credit card bill and have the tuition for schooling for Medical Transcribing."

I took a 'lil poetic license there, but that's what she meant...I believe.

That sounds to me like what this Home Buying Stimulus Incentive is all about, huh!

Thanks, C.J.!