Assume your home is assessed at $295,000. You have a $230,000 loan for 10 years at 5 percent. Your property tax rate is 1.2 percent of the assessed value. In year one, you would pay $11,500 in mortgage interest and $3,540 in property tax (1.2 percent on $295,000 assessed value).

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

Federal income tax deduction amount :