Joined Mar 2006
L4: Apprentice
Forum Thread
How does mortage interest tax deduction work?
May 30, 2016 at
05:08 PM
If I ha $500,000 mortage, paid $15,000 interest during the year.
Would my tax deduction be a percentage of $15,000 off in tax payments?
Or would tax deduction be Gross income - $15000?
thx
Would my tax deduction be a percentage of $15,000 off in tax payments?
Or would tax deduction be Gross income - $15000?
thx
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Would my tax deduction be a percentage of $15,000 off in tax payments?
Or would tax deduction be Gross income - $15000?
thx
It would be a deduction from your income.
Guessing you do mean federal income tax here are the rules
https://www.irs.gov/publications/p936/ar02.html