Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
When someone buys a house, do the mortgage payments help to reduce her reported income for tax brackets? Any other tax benefit at all?
- ?Lv 72 months ago
No they do not. The only tax benefit is the ability to deduct mortgage interest and property taxes if you itemize.
- StephenWeinsteinLv 72 months ago
The interest payments on the mortgage due. Paying off the amount borrowed does not.
- 28AKOLv 52 months ago
No.. you're not going to get no big tax brake just cause you purchase a house. you may get a small tax break but nothing really big. you not going to get put into a lower tax braket cause u have a home u paying a mortgage to
- Wayne ZLv 72 months ago
Prior to 2018, yes. The mortgage interest paid plus other itemized deductions often exceed the Standard Deduction and, as such, lowered taxpayers taxable income.
Now, not so much. Recent tax changes eliminated the Personal Exemptions and, more or less, doubled the Standard Deduction. This, pretty much, eliminated the tax benefit to buying a house for about 90% of taxpayers.
- Anonymous2 months ago
No, your income is taxed the same, you're buying yourself something, in this case a house.