I also posted this on NWR. WE have a Mortgage and a home equity. we got our statement stating how much we paid in interest. What % do we get back in taxes?
kpny622
Posted:
Member since
Re: tax question
it's not a percentage of the interest
the amount you paid in interest is deducted from your gross income before your tax rate is applied
littlecat
Posted:
Member since
Re: tax question
The amount of interest you paid and also your real estate taxes are deducted on your taxes on schedule A only if you itemize your deductions. All the informations including real estate taxes paid should be on Form 1098 (the statement that your mortgage company sends you).
