How does the tax deduction work for mortgage interest payments?
Wednesday, March 31st, 2010KL asked:
Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?
Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?
Also, If I owe $100 in taxes but my deduction is $125 (based on formula above) does that mean the govt. will send me a check for $25?
