Hi everyone,
I’m looking for information and advice regarding the mortgage interest tax deduction. My spouse and I are married, filing jointly, but only I have an income. We’re considering buying a house worth around $300,000. We have enough savings to pay for it outright, but we’re debating whether taking a mortgage could be more beneficial, especially in terms of potential tax deductions.
Some specifics:
- My federal tax deductions are around $2K per month.
- We’re curious to know how much mortgage interest we could deduct and if there’s a threshold or limitation.
Would it make financial sense to take a mortgage for tax benefits, or would paying in full be a better choice? I’d appreciate any insights, tips, or links to official resources.
Thanks in advance for your help!
