Western Federal
Do other western nations allow homeowners to deduct mortgage costs for their homes?
This is part of how are federal income taxes work in the US–homeowners are allowed to deduct part of their mortgage costs from their taxes. I’m not sure that this is a healthy thing for the US because it encourages people to take on more debt. But I was wondering–do other western nations allow homeowners to deduct home mortgage costs from their income taxes?
in australia you cannot deduct costs from your residential home on your tax
however, if you own additional properties you are allowed to deduct costs from your tax. this is known as negative gearing. the intention is to encourage people to invest in building properties that can be placed on the rental market. unfortunately most negatively geared properties are not newly built properties so the actual effect is to increase the price of housing because people get tax breaks if they own multiple properties
hence, housing has become very expensive in australian cities
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