[quote=scaredycat]as I understand it, there is ZERO TAX BENEFIT. I pay say $16,000 a year in interest, then 3,500 in prop taxes, 19.5k, but i get 11k now as a std deduction, so it’s really just 8.5k more, so 30% of 8.5k = 2500, which is less than the prop taxes i otherwise wouldnt have to pay. so NO TAX ADVANTAGE. why does everyone at work say I am getting a TAX BREAK?[/quote]
You probably won’t even come close to paying $16,000 in interest the first year or after the 6th year so you only have about a 5 year window there, I think the days of “getting” the tax break are from years of high interest/and or high home prices,looks like those days are behind us.