3 ms·
Mortgage interest is tax deductible in the US?!?!!
by formerly_proven 3y ago
Mortgage interest is tax deductible in the US?!?!!
- MissTake 3y ago“Home mortgage interest. You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.” https://www.irs.gov/publications/p936 https://www.irs.gov/publications/p936
- extra88 3y agoThis was my first year paying taxes with a full year's worth of paying a mortgage (which means it's also the year with the most mortgage interest paid). The mortgage deduction didn't matter, the standard deduction was still higher. It used to matter more, before the Trump tax plan significantly increased the standard deduction. The mortgage deduction is bad tax policy but it's hard to get rid of.