How does mortage interest tax deduction work?
Thread created 05-30-2016 by webazoid
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the mortgage tax deduction works pretty well, actually.
How does mortage interest tax deduction work?
Thread created 05-30-2016 by webazoid
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3 Replies
372 Views
Are you filing jointly? If that's the case, your standard deduction is $12,600, so a $15,000 interest deduction saves you a minimum of $2,400 * your tax rate. So if your tax bracket is 33%, it...
How does mortage interest tax deduction work?
Thread created 05-30-2016 by webazoid
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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
How does mortage interest tax deduction work?
Thread created 05-30-2016 by webazoid
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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
