Accomplished-Can-912 OP t1_jact4he wrote on February 28, 2023 at 2:50 PM

Reply to comment by 93195 in Do I save money on taxes by owning a home by Accomplished-Can-912

I am looking at houses averaging around 1 million in price .I believe interest should exceed the standard deduction

93195 t1_jactm2j wrote on February 28, 2023 at 2:53 PM

Mortgage interest on the first $750K of the loan is deductible. So yes, if you borrowed $750K at 6%, yes, that and your other itemized deductions would save you money on taxes as compared to just taking the standard deduction.