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Could you explain what you mean by mortgage interest deductions? Does it mean that mortgage interest can be deducted from taxable income? Even if that income is unrelated to the property?

In the UK landlords are allowed to deduct mortgage interest from taxable rental income, but this is currently being phased out. (A good thing in my opinion)

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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.

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

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

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