I am not ignorant on it at all my family has been in real estate since I was a child.I just do not think it is fair that it favors people who buy expensive homes while penalizes those who don’t.It would be better to do away with it or le everyone have it no in between.
“It would be better to do away with it or le everyone have it”
There is an upper limit on the deduction, but no lower limit. If your interest is so low that it doesn’t help you to take the deduction (which I assume is what you are saying) how can the tax code help you with that?
You need Schedule A deductions that are MORE than the standard deduction, $11500 (I think) for a married couple $5500 for a single, in between for “head of household”.
The only reason not to take the deduction is if your interest payments and taxes, etc. are less than that. I mean, you could take it but it wouldn’t make sense.