How do you add tax to things?

Question about how interest on house payments would help more tax return.?

• Many people say buying a house would help increase more return when you file for the income tax return because of the interest you pay for the house and property tax. But I don't understand it. I have tried to itemize the deductions including the amount of interest on the house payments and property tax. But it only goes around $6000. This is far less than the standard deduction that IRA sets, $12000 for a joint return. I don't know why people think you can get most of the house payment interest back on tax return. Can you add those house interest and property tax amount on top of the standard amount? If so, I understand why people say nice things about owning a house. Can somebody help me understand this confusion? Thanks.

• Answer:

  I think this is typically stated as in comparison to renting a home. If you rent you pay your monthly amount, you take nothing off your taxes and you have nothing to keep other than you get to live there for a month. If you buy a house the interest on the loan is tax deductable in part, so You get to live there. You have increased equity as you pay off the loan and will get more back if you sell as long as the property is maintained well and is in a decent area. And you get money back in your taxes. Even if it's not the entire amount compaired to renting it's something.