What is your taxable income in 2022? 

Assumptions:

a. You purchased a primary home on January 1st, 2022

b. Purchase price of a single-family house: $1,000,000

c. Down payment of 20%d.Mortgage information 30 Year Fixed Rate @ 2.75%

e. Your household income is $160,000 per year (assuming there are no other deductions for your household, except interest deduction from your primary residence).

f. HOA is $300 per month and monthly property insurance is $150.

g. Please calculate your taxable income after one year of mortgage interest and property tax deduction. Property tax rate of 1.25% and The Tax Cuts and Jobs Act of 2017 set a limit on interest deduction of total mortgage debt at $750k.