All these years I thought that I am getting 25% of the mortgage interest back since I am in the 25% tax bracket.
Not so true.
I am filing jointly and my standard deduction is higher than the mortgage interest. In other words, my itemized deduction is less than the standard deduction. So I get to deduct the standard deduction amount from my income. Even if I don’t have mortgage interest I will still get the same tax benefit.
conclusion, when people say that mortgage interest is good that you get money back while filing tax, tell them not always.
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The Simple Path to Wealth: Your roadmap to financial independence and a rich, free life
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