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gokarrt t1_jds2dgr wrote

Reply to comment by jcastro777 in Cash buy vs mortgage and invest by LoveThisUsername

> Mortgage interest is also tax deductible

not for your primary residence, afaik?

edit: my bad, am canadian and wasn't paying attention to what subreddit i was in.

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123456478965413846 t1_jdsfejg wrote

It is deductible for the first 750k of home value loan amount. But with the larger standard deductions and low interest rates most people haven't been able to take advantage of the tax savings the last few years. With interest rates rising more people are getting some tax savings.

Basically the standard deduction is just shy of $13k for a single person or $26k for a married couple. In order to get any savings you need to itemize which only makes sense if your itemized deductions are more than the standard deduction.

edit: mixed up home value and loan amount

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