this post was submitted on 11 Apr 2024
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Memes

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[–] Roopappy@lemmy.ml 4 points 7 months ago

Yeah. To break down why this meme is bad information, in simple terms:

  • You can't deduct "your mortgage". You can only deduct interest on a loan.
  • You can't take this deduction on a rental property. You have to live in the home part of the year to take this.
  • Since the tax changes in 2017, most homeowners don't deduct mortgage interest anymore, because it's better to take the standard deduction offered to anyone.

Don't share or believe bad information.