The Weidauer Group – The Leader in Real Estate Presents
Tax Benefits of Home Ownership
The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. 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
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.
Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
424-400-4056 or 310-896-5769 Espanol
NV DRE License #S.0070208
702-582-7084 or 424-400-4056 Español
darinweidauer@weidauergroup.com
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