5 points
Homeowners get to write off interest but rarely ever do. You need to exceed the standardized deduction in order for an itemized deduction to save you more money. So unless you are paying more than 20k/year in interest you are not writing anything off and are in the same boat as a non homeowner.
2 points
Lots of people exceed the standard deduction. It’s not just home interest that can be written off taxes, and the home interest plus other eligible expenses often exceeds it.
My side job has me working on contracts so I write off enough business expenses to exceed the standard deduction every year. Getting to write off a portion of my rent would be huge.
2 points
