Welcome to the CathyMooney.com Blog

2011-10-31 17:38:32
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%, using year 5 interest)

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

               ______

     $12,577 = Total Deduction

Now, multiply your total deduction by your tax rate and that is the amount you have lowered your federal income tax!

 

(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.

 
Blog Archive
2015-05-12 11:34:46
Daily Real Estate Articles

2013-01-14 13:16:10
The House Looks Perfect, But

2011-12-16 11:36:50
Selling Your House During the Holidays?

2011-12-13 15:00:12
Energy Tax Credits Expiring!

2011-12-02 10:42:11
Easy Fix for Leaky Faucet

2011-11-25 11:06:29
On Line Reviews

2011-11-18 09:15:10
Natural History Museum of Utah

2011-11-07 09:03:03
Bidding on a HUD Home

2011-11-05 11:52:29
So Many Houses to Choose From

2011-10-31 17:38:32
Tax Benefits of Home Ownership

2011-10-27 12:46:42
Little or No Down Payment? Don't Dispair

2011-10-17 17:30:22
Root Cause

2011-10-12 13:02:01
Just a Fun Fact

2011-10-10 14:03:08
The Secret to My Listings Selling Fast

2011-10-07 16:43:51
GARAGE MAKEOVER

2011-03-14 18:47:26
Moving to Salt Lake City? Check this Link...

2011-02-16 11:32:52
Millcreek

2011-02-15 15:58:44
25 Years

2011-02-10 12:04:51
First Time Buyers Want More

2011-02-04 13:38:26
Use Comparable Sales to Price Your Home

2011-02-02 09:28:31
Home Buying Made Easy

2011-01-26 12:47:27
Home Inspectors

2010-11-26 14:22:07
How does a foreclosure hurt my credit rating?


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.