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Started By
Message
re: Should mortgage interest be tax deductible?
Posted on 12/7/25 at 12:55 pm to TDTOM
Posted on 12/7/25 at 12:55 pm to TDTOM
Married filing jointly for 2025 the Standard Deduction is $31,500.I have a small LLC that my boys operate but the LLC is in my name but I generally zero it out and thanks goodness our out of pocket medical expenses are kind of low. Church givings are probably our biggest but still not anywhere standard deduction. Plus it seems safer as possibility of audit,
0
Posted on 12/7/25 at 1:41 pm to weagle1999
To offset the robbery of property taxes
Posted on 12/7/25 at 2:08 pm to Longdriver98
I believe the interest deduction is limited to $1M in mortgages. So wealthy people with say multiple mortgages on multiple houses are limited to the interest deduction on that first $1m.
Posted on 12/7/25 at 2:28 pm to dovehunter
So in the example above if you have $1M in deductible mortgagees at 6% that's $60,000 in interest. At an approximate 40% tax rate you save $24,000. I like this better than giving someone $7500 for buying a Tesla.
Posted on 12/7/25 at 2:31 pm to Ostrich
quote:
To incentivize home ownership
That's how it started, and it's a great idea.
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