👉 Can Mortgage Interest Be Deducted From Taxes?
It's a common misunderstanding that mortgage interest can actually be deducted from your annual tax bill. But think of it this way: if you're paying off a loan to buy a home, the extra money saved on interest payments is typically added back into your monthly payments. For instance, if your principal balance increases by $10,000, that's an additional $1,000 for mortgage interest. So, while it's true that interest can be deducted from your tax bill in certain cases, it's not something you'd actually pay off the loan to do so.
