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The tax advantage of home ownership.

Here are some of the tax advantages you may see when purchasing a home in the $100,000 range based on 100% financing.

At an interest rate of about 7.00% your monthly payments would be about $665  out of that amount about $580 goes towards paying the interest which can be tax deductible.  That is nearly $7000 you can deduct in the first year.

Let’s estimate that your property taxes will be about $3000.  These are also deductible.

Here we are only considering Federal tax returns.

Your total deductions would be $10,000.  If you were in the 15% tax bracket you could be getting back an additional $1500.  That is like the Federal Government paying you $125 a month to live in your own home.

Here are some of the tax advantages you may see when purchasing a home in the $150,000 range based on 100% financing.

At an interest rate of about 7.00% your monthly payments would be about $1000  out of that amount about $875 goes towards paying the interest which can be tax deductible.  That is nearly $10,340 you can deduct in the first year.

Let’s estimate that your property taxes will be about $4000.  These are also deductible.

Here we are only considering Federal tax returns.

Your total deductions would be $14,340.  If you were in the 15% tax bracket you could be getting back an additional $2150.  That is like the Federal Government paying you $175 a month to live in your own home.

Here are some of the tax advantages you may see when purchasing a home in the $200,000 range based on 100% financing.

At an interest rate of about 7.00% your monthly payments would be about $1330  out of that amount about $1166 goes towards paying the interest which can be tax deductible.  That is nearly $13,780 you can deduct in the first year.

Let’s estimate that your property taxes will be about $4500.  These are also deductible.

Here we are only considering Federal tax returns.

Your total deductions would be $18,280.  If you were in the 15% tax bracket you could be getting back an additional $2740.  That is like the Federal Government paying you $225 a month to live in your own home.

One Response

  1. Thanks for visiting my website. Yours is pretty interesting too!

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