in one year?
2007-05-28 17:01:12 · 4 answers · asked by primamaria04 5 in Business & Finance ➔ Taxes ➔ United States
Yes it does. In addition to the mortgage interest you are also paying mortgage principal payments monthyly (which aren't deductible) and possibly paying real estate escrow payments (the taxes paid from the escrow payments would also be deductible) and also possibly paying PMI (deductible in 2007 for new mortgages under certain circumstances).
2007-05-28 17:18:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Itemizing means that you list the actual amount paid that year for expenses in various categories - mortgage interest is one.
Your actual savings in taxes is your total itemized deductions, minus the standard deduction for your filing status, times your tax bracket.
2007-05-29 11:35:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yep, depressing isn't it. Until you are at least half way through your mortage payments you will be paying more in intrest than on the principal.
2007-05-28 17:22:04 · answer #3 · answered by crazy woman 2 · 1⤊ 0⤋
Yes.
2007-05-28 17:08:33 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋