Now that I own a house what does it mean to write off the interest?

Question

I know that when you buy a house you can "write off" the interest. Well now that I own a home how does this work? Does this mean I get the money back that i have paid in interest on my mortgage?

Answer 1

You will deduct the interest from your gross income, along with any other deductions, such as medical expenses.
The final result is your "Adjusted taxable Income".
You will not receive the interest back.

Answer 2

When you file your taxes at the end of the year ..the money you have paid in interest will be deducted from your gross income in effect lowering your taxes and giving you a partial rebate of your interest.