The Tax Benefits of Owning a Home

If we assume the following:   

$9,877 Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
+$2,700 Property taxes (at 1.5 percent on $180,000 assessed value)
$12,577 Total deduction  

Then, multiply your total deduction by your tax rate.**  

For example, at a 28 percent tax rate: $12,577 x 0.28 = $3,521.56  

$3,521.56 = Amount by which you have lowered your federal income tax
*Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.  

**The rate at which you're taxed is determined by your tax bracket, which in turn is determined by how much you earned in a given year along with your filing status (single, married filing jointly, married filing separately, or head of household). IRS Publication 501 will help you determine your rate  

RENT VS BUY.   https://www.har.com/s/5968ED9ccf499c4  The cost of not being a home owner. #singlefamily #moveup #kellerwilliams #realestate #homeowner #rentvsbuy #retirement #retirementsavings #retirementplanning #homesforsale #homebuyer

For more information on how to become a home owner. Reach out to us Ph: 832-613-5373

William Onye
Keller Williams Premier Realty
M: 832-613-5373
A: 22762 Westheimer Pkwy, Suite 420, Katy TX 77450
W: www.har.com/williamonye
E: WillOnye@kw.com