2006-08-30 10:20:27 · 4 answers · asked by Frida06 1 in Business & Finance ➔ Renting & Real Estate
Depends on your tax bracket. The max now is about 35% on the federal.
2006-08-30 10:28:15 · answer #1 · answered by veritas 5 · 0⤊ 0⤋
What is your tax bracket, and what is your marital status?
Basically, mortgage interest and property taxes are deductible (in most cases!). But you need to subtract off your standard deduction, because you'd get that anyway. After you've met the standard deduction, it's whatever tax bracket you are in, per dollar above the standard deduction.
Other factors being equal single folks see more benefit from the deduction.
2006-08-30 20:44:14 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Please consult with a CPA.
If you don't itemize your tax return, you won't be able to use mortgage interests to get tax refunds.
In states such as Neveda or Oregon, if there is no state income tax, which means standard deduction for most people will exceed mortgage interests amount.
2006-08-30 21:43:35 · answer #3 · answered by S P 1 · 0⤊ 0⤋
Remember first you itemize. Take the total interest you paid times your net tax rate and wola the amount shown is the tax amount you should have saved. http://www.irs.gov/formspubs/article/0,,id=150856,00.html
2006-08-30 17:43:55 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋