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d Question 13 0/4 pts You are debating about purchasing a home in Oxford. You currently take the standard deduction when filing your taxes and
d Question 13 0/4 pts You are debating about purchasing a home in Oxford. You currently take the standard deduction when filing your taxes and you expect that you will continue to take the standard deduction unless you purchase a home. The value for the standard deduction for the upcoming tax year is $12,600. You estimate that you will pay $15,000 in mortgage interest and $6,000 in property taxes if you purchase a home and stop renting. Additionally, you expect to pay $12,000 in state income taxes next year - this amount will not change based on your home ownership decision. Further, deductions for state and local taxes are limited to $10,000 per year. How much will your deductions increase if you choose to purchase the home (i.e. what are your marginal deductions from ownership)
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