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Q: Calculating Net Profit after Taxes. Assume your home is assessed at \$200,000.You have a \$150,000 loan for 30 years at 6 percent. Your property tax rate is 1.5 percent of the assessed value. In year
one, you pay \$9000 in mortgage interest and \$3000 in property tax. (1.5 percent on \$200,000 assessed value). 7. What is the total deduction you can take from your federal income tax return? 8. Assuming you are in a 28 percent tax bracket, by what amount would you have lowered your federal income ... ...
A: Schedule A itemized deductions of the 1040 tax form for a start for this purpose and time in your life. The limitation for mortgage interest on your primary and secondary residence is \$1,000,000 for acquisition indebtedness and \$100,000 for home [ equity indebtedness. Real estate taxes paid on your primary and second residence are, generally, deductible. Deductible real estate taxes include any
state, local, or foreign taxes based on the value of the real property levied for the general public welfare. Deductible real estate taxes do not include taxes charged for local benefits and improvements that increase the value of the property, such as assessments for sidewalks, water mains, sewer lines, parking lots, and similar improvements. Additional Information: Tax Topic 503, Deductible Taxes MFJ by a few hundred dollars maybe for this purpose and time in your life when the total itemized deduction amounts from your schedule A would be MORE than your standard deduction amount is for the tax year in question. Good luck to you. Hope that you find the above enclosed information useful. ]
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