Skip to main content
February 25, 2020
Question

Interest deduction on main home

  • February 25, 2020
  • 1 reply
  • 0 views

Ok...I paid $14,500 interest in 2019 on our main home (outstanding loan of about $375K).  It lowered my tax liability by $132!!!  Is that possible?    I must be doing something wrong...what's up?

1 reply

February 26, 2020

it is possible ... are you at the cusp of the standard deduction and adding the mortgage interest just exceeded the standard deduction?