Before you conduct a rent-or-buy analysis, it is critical that you understand how the U.S. tax code creates tax shelters for homeowners. Incurred on your home create a The tax deductibility of the interest tax shelter for the on a mortgage and the your taxable which and tax liability. The standard deduction for mortgage interest under the 2018 U.S. tax code is: $12,000 for single individuals and $24,000 for married couples filing jointly $6,300 for single individuals and $12,600 for married couples filing jointly $24,000 for single individuals and $12,000 for married couples filing jointly True or False: Because of the new tax law in 2018, the actual amount of mortgage interest that could be deducted by most U.S. taxpaying homeowners is less than the standard interest deduction allowed by the Internal Revenue Service (IRS). This statement is true, which means that most taxpayers in this situation are better off taking the standard deduction rather than itemizing their deductions O This statement is false, which means that most homeowners are better off itemizing their deductions rather than taking the standard deduction This statement is false, which means that most taxpayers in this situation are better off itemizing their deductions rather than taking the standard deduction