From my favorite financial guru, Jonathan Clements:
"Mortgage interest is tax deductible, but the tax savings are often
less than we imagine—and there may be no tax savings at all. Suppose
we’re married and our itemized
deductions—including $13,000 in mortgage interest—total $26,000 in
2019. Sound impressive? Remember, we could always claim the $24,400
standard deduction for a couple filing jointly."
"In other words, that $13,000 of mortgage interest is reducing our
taxable income by a mere $1,600—and perhaps saving us just $352 in
taxes, assuming we’re in the 22% federal income-tax bracket. The
standard deduction was claimed by an estimated 88% of tax
filers in 2018, which means these folks got no tax benefit from their itemized deductions, including any mortgage interest they paid."
Check out his Humble Dollar website: https://humbledollar.com/
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