Post by tonymcfallen on Sept 3, 2020 23:46:37 GMT
As a homeowner, you get to deduct both mortgage interest (up to $1 million) and property taxes from your annual income taxes.
If you’re a new homeowner, you enjoy even more benefits because most of the money you pay on your mortgage goes to interest.
Top earners have the most to gain from these tax advantages.
For example, if you’re in the top tax bracket (39.6 percent), every dollar you pay in mortgage interest saves you 39.6 cents in federal income taxes. You save on state income taxes, too.
The government is subsidizing your purchase.
If you’re a new homeowner, you enjoy even more benefits because most of the money you pay on your mortgage goes to interest.
Top earners have the most to gain from these tax advantages.
For example, if you’re in the top tax bracket (39.6 percent), every dollar you pay in mortgage interest saves you 39.6 cents in federal income taxes. You save on state income taxes, too.
The government is subsidizing your purchase.