• Home
  • Our Listings
    • Marty’s Listings
    • Aaron’s Listings
  • Prior Sales
  • Sellers
    • Sellers
    • Metro Markets
    • Selling a Home
    • Home Helpers
  • Buyers
    • Buyers
    • Mortgage Calculators
    • Schools
    • Home Helpers
    • Home Inspections
    • Home Buying
  • Meet Marty
    • Testimonials
  • Contact Us
    • Contact Marty
    • Contact Aaron
  • Search

Tax Benefits of Homeownership

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.

Marty Siegel REALTOR, CRS,GRI

Direct: 952.844.6156
Cell: 612.670.3839
E-mail: TCRealtor@aol.com
Coldwell Banker Burnet
7550 France Ave. S
Edina, MN 55435
DAVID KAMPIC SIEGEL ENDOWMENT FUND INFORMATION
  • Weekly Market Reports
  • Building a Home
  • Schools
  • Communities
  • Custom Search
  • What is Your Home Worth?
  • Relocation

Contact Us

All information deemed reliable but not guaranteed and should be independently verified.

Powered By WordPress | Copyright 2013 MightyAgent