help me understand mortgage tax deduction. (payment, principle, deductible, medical)
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When I was doing taxes for others, a large percentage of them would have otherwise filed an EZ-form and paid more taxes than they needed to pay. Even though they already had enough write-offs to use.
I do not doubt that there are home-owners with mortgages who file an EZ-form.
whether they do an e-z or not the fact is that most of america can't itemize . as you see it is only the upper incomes considerably higher than what most americans even earn that can itemize. statistically it is just the high cost of living area's for the most part .
don't forget too , most americans are not investors . so spending 3 or 4 bucks in interest to get back one is not a great deal . they would be far better off with no deduction and no interest if they had a choice .
When I was doing taxes for others, a large percentage of them would have otherwise filed an EZ-form and paid more taxes than they needed to pay. Even though they already had enough write-offs to use.
I do not doubt that there are home-owners with mortgages who file an EZ-form.
They do not know otherwise, or they do not care.
It still does not make your statement correct. It's false. Owning a home with a mortgage does not mean you exceed the standard deduction
Does this include taxpayers that could only take itemized deductions which are "useless" due to having to pay AMT?
yes . it is based only on those who can itemize . amt still allows mortgage deductions as well. the chart is only based on the irs receiving a itemized return .
Last edited by mathjak107; 11-24-2016 at 08:00 AM..
I have itemized [alnog with using Schedules C, E, and F] for decades. I have never had a terribly high income, I itemized and it lowered my tax obligation.
I certainly agree that most people do not.
Within my career field we were/are encouraged to do so, to lessen our individual tax obligations.
I have itemized [alnog with using Schedules C, E, and F] for decades. I have never had a terribly high income, I itemized and it lowered my tax obligation.
I certainly agree that most people do not.
Within my career field we were/are encouraged to do so, to lessen our individual tax obligations.
It's your view not a different world view. You clearly don't understand a wider view outside of what you've seen
it is mostly the higher incomes that manage to itemize . the masses still take the standard deduction homeowner or not .
Well just...DUH!
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