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A taxpayer is in the 22% tax bracket and currently takes the standard deduction of $12,950. They are contemplating purchasing a home and would have
A taxpayer is in the 22% tax bracket and currently takes the standard deduction of $12,950. They are contemplating purchasing a home and would have the following deductible items in the first year of ownership: . State income taxes of $6,000 Property taxes of $8,000 Mortgage interest of $10,000 What is the tax benefit associated with the first year of home ownership for the taxpayer
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