Getting It All Back

When it comes to taxes and mortgage interest, how much of your money can you get back?

QUESTION: A Twitter listener asks if you can get all of your interest back by claiming it on your tax return. Dave’s friend Norm "The Tax Man" Rollins says you don't get it all back–but you can deduct it.

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.

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