Assume your home is assessed at $200,000. You have a $150,000 loan for 30 years at 6

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Assume your home is assessed at $200,000. You have a $150,000 loan for 30 years at 6 percent. Your property tax rate is 1.5 percent of the assessed value. In year one, you would pay $9,000 in mortgage interest and $3,000 in property tax (1.5 percent on $200,000 assessed value).

What is the total deduction you can take on your federal income tax return?

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Personal Finance

ISBN: 9781264101597

14th Edition

Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart

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