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In reply to the discussion: One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all]mnhtnbb
(31,382 posts)18. I've been doing our own taxes for 6 or 7 years with TurboTax. The interest rate deduction
for our home mortgage--at least on our returns--is not dollar for dollar.
It ends up being about equal to whatever %tax rate you are paying.
Example: $100. in interest does not equal $100. deduction.
If our tax rate is 15%--we get to deduct $15. for every $100. paid in interest.
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One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all]
WCGreen
Sep 2012
OP
I don't have a dog in this fight, being too poor to ever qualify for a mortgage.
kestrel91316
Sep 2012
#2
I'm presenting facts as to why the Republicans are putting this out as a possible
WCGreen
Sep 2012
#23
But the lower the interest rates available now means more people are paying more
WCGreen
Sep 2012
#43
I've been doing our own taxes for 6 or 7 years with TurboTax. The interest rate deduction
mnhtnbb
Sep 2012
#18