Mortgage Deduction Availability

The average homeowner who deducts interest on his mortgage does get what can be called a middle class tax advantage. However, it is not what the left describes as a major benefit. They take it too.

Most taxpayers do not figure the actual comparison of taking a standard deduction versus itemizing deductions. You give up what the IRS gives in the standard deduction, to get the itemized amount, so you profit only from the difference. Calculate your benefit by doing your taxes both ways. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)