Quote:
Originally Posted by opendoor
That kind of backs up his point that it largely benefits the well to do. Assuming a 5% mortgage with 30 year amortization, a married couple would have to carry a mortgage of approximately $240,000 before their mortgage interest deduction goes above their standard deduction. Anything below that and they reap no benefits from mortgage interest deduction.
Conversely, a married couple who can afford a $1,000,000 mortgage would be able to deduct an additional $37,000 above their standard deduction.
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Canadians can do the same thing, if they have enough money (in other words, rich people).
I'm not necessarily disagreeing, he kept asking if he got his scenario right and it wasn't quite right.