Sentences with phrase «generous mortgage interest tax»

Not only do you get generous mortgage interest tax deductions and tax free profits, the government sometimes bails out overextended homeowners during bad times.

Not exact matches

It retains a more generous deduction for state and local taxes, and limits the mortgage interest deduction slightly for wealthy homeowners.

My scenario isn't particularly «generous» — only a high wage earner would qualify for an $ 800,000 mortgage, and the interest paid on that mortgage, as well as the property tax, significantly exceeds the standard deduction, as does the state income tax likely paid by that wage earner (as an example, I pay tens of thousands of dollars in state income tax in California — all deductible from my federal tax return).

You can deduct your mortgage interest and property taxes, though both those deductions are now less generous, thanks to the 2017 tax law.

If you are generous, and provide others with a place to live, the government rewards you with cool tax incentives like «depreciation» and mortgage interest deductions that help reduce the amount you pay each year in taxes.