If you have an adjusted gross income of over $166,800, your mortgage interest starts to get phased out. For every $100 of income over $166,800 you lose $3 of itemized deduction X 33.3% up to a maximum loss of 80 percent of your itemized deductions.
Time to recalculate.
*edit*
There is no longer the 3% phase out rule… Never mind.. Had there been, you would have paid more taxes if you did option (a)
