In the US, most taxpayers don’t deduct interest they pay on their mortgage anymore from their taxable income because of the tax cuts and jobs act passed during trump’s first term. This raised the standard deduction so now most taxpayers take the standard deduction because it’s higher
than the deductions you would take if you itemized all your deductions like mortgage interest, charitable contributions, etc. this law expires this year. So could be extended or changed by congress.
I’ve never been able to deduct my mortgage. I agree that rent should also be deductible but I also want to know how I can deduct my mortgage. We barely break even during tax season.
Where it really gets supercharged is where landlords can deduct mortgage, property management costs, repairs, depreciation, insurance costs, travel to and from the property for business purposes from their income to show next to no profit from a property while tenants pay it off.
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Am I understanding this right?
That’s class war.