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Assume your home is assessed at $230,000. You have a $221,000 loan for 25 years at 6 percent. Your property tax rate is 1.5
Assume your home is assessed at $230,000. You have a $221,000 loan for 25 years at 6 percent. Your property tax rate is 1.5 percent of the assessed value. In year one, you would pay $12,155 in mortgage interest and $3,450 in property tax (1.5 percent on $230,000 assessed value). What is the total deduction you can take on your federal income tax return?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart
14th Edition
1264101597, 9781264101597
