High interest rates are making tax returns more complicated for many new homeowners — but in a good way.
The mortgage interest deduction — a lucrative homeowners’ tax benefit taken on itemized returns — was limited by the Tax Cuts and Jobs Act (TCJA) in 2017, severely curtailing the number of households that can write off the interest they pay on their home loan.
But today’s high interest rates are tipping the calculation back in favor of claiming this largely forgotten benefit,…
Source link
