The income limits before tax deductions start phasing out are ~$260,000 for singles and ~$311,000 for married couples according to the IRS. In other words, after making more than $260,000/$311,000, you won’t be able to deduct the full amount of your mortgage interest and property taxes. You will also be subjected to the Alternative Minimum Tax (AMT) as well.
In this post, I will demonstrate to you 1) why the government doesn’t believe in equality, 2) reasons why you shouldn’t get married if you plan to make a high income, and 3) how much you should strive to make every year as an individual or as a married couple. It’s important everybody understands what type of financial limitations the government imposes so that you can optimize your lifestyle.