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.
Maximum One Realty Greater Atlanta
770.294.9976 Mobile
Hurstch@bellsouth.net
www.WestAtlantaRealEstate.com
______ $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.
West Atlanta Real Estate Experts
List! Buy! Sell! This is not your ordinary Brokerage. Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs.We are always looking for new ways to make and West Atlanta real estate more efficient AND without sacrificing quality or service. If you’re looking to buy a home in West Atlanta or sell your existing West Atlanta property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available.For more information about List! Buy! Save! real estate services and how we can best serve you, please fill out the online contact form or give us call today!Chip HurstMaximum One Realty Greater Atlanta
770.294.9976 Mobile
Hurstch@bellsouth.net
www.WestAtlantaRealEstate.com