Getting It All Back
When it comes to taxes and mortgage interest, how much of your money can you get back?
Norm and Dave's ANSWER: Get all your interest back? You can deduct your interest, but you certainly don't get it back. A tax credit is a dollar-for-dollar-match deduction that is based on your tax bracket. If you itemize and write off $10,000 worth of interest on your home mortgage, and you're in a 25% tax bracket, it would save you $2,500.