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For exact advice, talk to a certified tax preparer. For general purposes, your question has two questions. For the 15k, it is a credit, which means, say you make 100k and your taxes owed (tax liability) were 15k, you would owe nothing. Thats assuming nothing was withheld throughout the year. If you had 15k withheld and your tax liability was 15k, instead of getting nothing and owing nothing, you would get the 15k back as a refund.
mortgage interest is a deduction which affects adjusted gross income, which is your income after reductions allowed for dependents, chairatable contributions, mortgage interest, etc. If you have a 14k mortgage interest deduction, and you were in the 30% tax bracket, your taxes would be reduced by 30% of the 14k.
mortgage interest is tax deductible-you save a percentage of it=good
a tax credit is dollar for dollar=best
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Stimulus Plan "real " numbers?
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can me ignorant..call me what you will...I would love any help you may have.
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