babyduckies37
babyduckies37
05.05.2020 • 
Business

Assume your home is assessed at $225,000. You have a $166,000 loan for 20 years at 5 percent. Your property tax rate is 1.0 percent of the assessed value. In year one, you would pay $8,300 in mortgage interest and $2,250 in property tax (1.0 percent on $225,000 assessed value). What is the total deduction you can take on your federal income tax return

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