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.
Best book to read before you start investing.
The Simple Path to Wealth: Your roadmap to financial independence and a rich, free life
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