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class war (beehaw.org)
submitted 5 months ago by sexy_peach@beehaw.org to c/memes@lemmy.ml
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[-] mctoasterson@reddthat.com 24 points 5 months ago

Another important thing to note is that you only benefit from this if you have so many itemized deductions that you can do better than the standard deduction. The mortgage interest alone isn't going to do that in a vast majority of cases. Since legislation in 2017, a lot of the tax advantage of owning a home was reduced.

The OP is wrong on every conceivable level.

[-] Roopappy@lemmy.ml 4 points 5 months ago

Yeah. To break down why this meme is bad information, in simple terms:

  • You can't deduct "your mortgage". You can only deduct interest on a loan.
  • You can't take this deduction on a rental property. You have to live in the home part of the year to take this.
  • Since the tax changes in 2017, most homeowners don't deduct mortgage interest anymore, because it's better to take the standard deduction offered to anyone.

Don't share or believe bad information.

[-] sexy_peach@beehaw.org 2 points 5 months ago

Oops, sorry

this post was submitted on 11 Apr 2024
477 points (96.5% liked)

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