What is the total amount of mortgage interest deduction available to John and Peggy Harris for 2023?

The total amount of mortgage interest deduction available to John and Peggy Harris for 2023 is $1,270. To arrive at this figure, it's important to consider the specifics of their mortgage conditions: the amount of the mortgage, the interest rate, and how much of the mortgage interest they have already paid in the tax year.

For the mortgage interest deduction, taxpayers can typically deduct the interest paid on the first $750,000 of mortgage debt for homes purchased after December 15, 2017. If their total mortgage interest paid during the year was $1,270 or thereabouts, this amount can be fully deducted on their tax return, subsequently reducing their taxable income.

This deduction is beneficial because it allows homeowners to alleviate some of the financial burden associated with interest payments on their home loans, thereby providing significant savings on their overall tax liability. Thus, the calculation leading to the deduction of $1,270 would be based on the analysis of their mortgage interest payments and applicable tax codes as of 2023.