What is the name of your state? AZ
I used a income tax tool on the IRS website to get an idea of my income tax bill this year. This is the first year I have owned a home, so I have never been able to deduct mortgage interest before. After using the tool it says my income tax for this year will be $0 and everything I have paid in I am getting back. Is that possible?
I will pay about 10k in mortgage interest, but I thought you could only deduct a percentage of your tax bill and would always have something left over no matter how much interest you paid?
This sounds too good to be true.
I used a income tax tool on the IRS website to get an idea of my income tax bill this year. This is the first year I have owned a home, so I have never been able to deduct mortgage interest before. After using the tool it says my income tax for this year will be $0 and everything I have paid in I am getting back. Is that possible?
I will pay about 10k in mortgage interest, but I thought you could only deduct a percentage of your tax bill and would always have something left over no matter how much interest you paid?
This sounds too good to be true.