Tax Benefits of Home Ownership

The tax deductions you can take for mortgage interest and property taxes greatly increase the financial benefits of home ownership. Here's how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)

$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value

______

$12,577 = Total deduction

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)(12,577 X .28 = $3,521.56)

Note that mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.




Atlanta Communities
Speak with a Realtor now! Contact The AtlantaPros Real Estate Team 770-346-9000
Email Atlanta Real Estate Pros





North Atlanta
  Luxury Homes



Recent Posts



Warning: readfile(http://www.rssfeedconverter.com/services/rss-converter/548f8ef209623/snippet3443-20141216) [function.readfile]: failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/content/a/t/l/atlantapros/html/atlantapros/blog/real-estate-blog.php on line 3


Alpharetta Business Award