Homeownership is the American dream. But is it for everyone? From a young age, purchasing a home is synonymous with success. However, there are some circumstances that need to be taken into account before making the decision to buy a home.
In the past, homeowners received a tax advantage, being able to deduct mortgage interest paid on their income taxes. However, with the doubling of the annual standard deduction, which goes into effect in 2018, many homeowners may find themselves skipping the itemizing – and the mortgage interest deduction in favor of the standard deduction.