[bartc]

Right, in the US, you can deduct mortgage interest and property taxes to lower your taxable income.

There is a mortgage cap of around a million dollars where the deduction ends, which is only relevant in a small number of real estate markets like California, Seattle, New York, and so on.

[jacalata]

Note that this only applies to the mortgage on the house you live in, not for landlords.

[toomuchtodo]

You can deduct the mortgage interest on a rental property against the income from that property.