Hello and thank you for visiting my BLOG today.Calculating the proper List Price for your home takes proper knowledge of many Factors in your Local Marke. Knowing and understanding these
TAX BENEFITS OF HOMEOWNERSHIP
Dated: March 18 2021
Views: 38
The tax deductions you're eligible to take for mortgage interest* and property taxes greatly increase the financialbenefits of home ownership. Let's work through a hypothetical situation to see how it works.
If we assume the following:
- $9,877 Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
- +$2,700 Property taxes (at 1.5 percent on $180,000 assessed value)
- $12,577 Total deduction
Then, multiply your total deduction by your tax rate.**For example, at a 28 percent tax rate: $12,577 x 0.28 = $3,521.56$3,521.56 = Amount by which you have lowered your federal income tax*Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when totalincome reaches a certain level.
**The rate at which you're taxed is determined by your tax bracket, which in turn is determined by how much youearned in a given year along with your filing status (single, married filing jointly, married filing separately, or head ofhousehold). IRS Publication 501 will help you determine your rate.
Felix Trujillo
I'm a Professional Real Estate Agent - i'm not here to waste your time! Sellers: By Specifically Targeting buyers who are looking in the Austin and surrounding area to weeding out the window shoppers,....
Latest Blog Posts
The tax deductions you're eligible to take for mortgage interest* and property taxes greatly increase the financialbenefits of home ownership. Let's work through a hypothetical situation to see how
What it takes to buy a home.First, congratulations to you! The first important step in becoming a homeowner is to become informed when trying to achieve a geal and your path to homeownership
Before you enter the world of real estate on your own, see if a Texas REALTOR® can help you instead. Here are some reasons why you should reach out to a Texas REALTOR®.Texas REALTORS®
The information being provided by Houston Association of REALTORS, Inc. is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Houston Association of REALTORS, Inc. This web site may reference real estate listing(s) held by a brokerage firm other
The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Based on information from the Austin Board of REALTORS®. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided "AS IS" and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
IDX
Odessa Board of Realtors® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
Central Texas MLS | Four Rivers Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties
Highland Lakes Association of Realtors® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
Permian Basin Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
