Firs time home buyer noob question - Are the mortgage interest rate 100% deductible, regardless of type of mortgage? Example, if I pay 25k in interest costs or year, I get the full 25k back?

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No, it gets deducted from your AGI that is used to calculate tax. So you don’t pay tax on that 25k in your example

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A1: Not true. You can deduct interest for mortgages up to 750k. If your mortgage is more than 750k, you cannot deduct interest. 10k deduction is for property, sales and state/local income tax combined.

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PwC you can deduct interest up to 750K. It’s not that you can’t deduct anything. So if mortgage is 1mill, only the interest on 250k is not deductible

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You don't get it back in full, you get to deduct it from your income to lower your taxable income.

That's not how deductibles work... U simply get taxed less, and I believe the max is 10k now

Got it, that latter part I was unsure and thx for the info

Pwc right again. Don’t try to argue with the accounting firm, Accenture. 😉

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