What are the tax benefits of having a mortgage?
An example of an AI chatbot conversation about tax benefits related to mortgages.
What are the tax benefits of having a mortgage?
Having a mortgage can provide several tax benefits, such as the ability to deduct mortgage interest and property taxes.
How much can I deduct for mortgage interest?
You can typically deduct the interest on the first $750,000 of mortgage debt for loans taken out after December 15, 2017.
Are there any limits on property tax deductions?
Yes, you can deduct property taxes, but the total deduction for state and local taxes, including property taxes, is capped at $10,000.
What if I refinance my mortgage?
If you refinance, you can still deduct the mortgage interest, but be sure to check how it affects your overall tax situation.
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