2007-12-17 14:51:18 · 5 answers · asked by SHAUN G 1 in Business & Finance ➔ Taxes ➔ United States
It depends on how much interest is paid, one's tax bracket, and whether or not the person has enough other qualifying deductions in order to be able to itemize deductions.
There is no standard reply to what you ask.
2007-12-17 14:54:35 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
They don't "get back" money; IF they can itemize deductions, they get to deduct the costs of mortgage interest and property taxes before their income tax is computed. This applies to owner-occupied homes.
2007-12-18 10:03:27 · answer #2 · answered by npk 7 · 0⤊ 0⤋
You are able to deduct mortgage interest when you itemized your deductions. You do not get money back, the Schedule A (itemized deductions) only lessens your tax liability. I just look at Chris G's answer and he is totally clueless, disregard his nonsense answer.
2007-12-18 21:05:59 · answer #3 · answered by Gary 5 · 0⤊ 1⤋
On average, about 28 cents of every dollar you paid in interest (so you lose about 72 cents)
2007-12-17 23:06:47 · answer #4 · answered by edco 5 · 1⤊ 0⤋
Every Penny of the Yearly Interest is a write off. You don't have to Itemize mortgage interest
2007-12-17 22:55:22 · answer #5 · answered by chris g 2 · 0⤊ 4⤋