“It would be better to do away with it or le everyone have it”
There is an upper limit on the deduction, but no lower limit. If your interest is so low that it doesn’t help you to take the deduction (which I assume is what you are saying) how can the tax code help you with that?
You need Schedule A deductions that are MORE than the standard deduction, $11500 (I think) for a married couple $5500 for a single, in between for “head of household”.
The only reason not to take the deduction is if your interest payments and taxes, etc. are less than that. I mean, you could take it but it wouldn’t make sense.
Yes there is a lower limit our accountant informed us that if you pay less than $4000 a year in mortgage interest you can not take the deduction.I also have a letter from the government about the changes we received when it happen dusting that if you have less than $4000 in mortgage deduction you can not take the deduction.
Yes there is a lower limit our accountant informed us that if you pay less than $4000 a year in mortgage interest you can not take the deduction.I also have a letter from the government about the changes we received when it happen dusting that if you have less than $4000 in mortgage interest you can not take the deduction.
It would help if you could deduct like it was pre change where no matter the interest you paid it was deductible.It is now by law you have to pay at least $4000 a year that means if your home is a moderate one and under $50K you can not take the deduction.