brought to you by the ramsay network app download today to go further with ramsie today's question

comes from jami in minnesota she said my husband and i are 51 and 53 were debt free and have

three cars that are fully paid for with household income of 150 000 we are debating

whether or not we should sell one of our cars worth $50,000 and apply that to our mortgage. We owe about $90,000 on our mortgage and will

be paid off in one year if we sell the car versus three years if we do not sell the car. My husband

thinks you should not pay off your house early because we can't

deduct the mortgage interest on the tax returns and he's afraid will owe the IRS. Last year we paid

$3,097 in 66 cents in mortgage interest. Can you provide some feedback on that and what your

recommendations are?

Okay.

Well, the mortgage or the tax deduction in general, including mortgage interest, is the biggest piece of mythology in all of personal finance because it requires that people forget how to do sixth grade

math let me walk you through it if jamie if you actually itemize then you can claim your charitable

deductions and your mortgage interest rates.

By the way, last year, because the standard deductions are so high, almost no one itemized,

including you.

You probably didn't even itemize.

So your husband is completely unaware of how this whole

thing works because you didn't take a deduction for your mortgage interest unless you itemized.

9% of Americans itemize. 91% do not. If you do not itemize, you do not get a tax deduction for your charitable or for your interest.

So 91% of the people this doesn't even come up with.

Right.

So that's just dumb.

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