Quote:
Originally Posted by seattleflamer
Property tax, sales tax, state income tax are deductible off your federal return not to mention mortgage interest, just to mention a few "middle class" tax breaks that should be reduced at least. The mortage interest break is up to 1 million in mortgage interest. That is INTEREST. So if you have a million dollar loan, you can essentially deduct $350K off your return assuming you are in the highest bracket courtesy of your fellow tax payers.
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Yeah the mortgage interest deduction doesn't work like that.
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