Hi All,
I'm planning on buying a new home and my realtor suggested talking with an accountant regarding the types of deductions that we can take so that I can consider that when thinking about total money spent per year on housing. She mentioned that we can deduct 10k a year in real estate taxes as well as the mortgage interest.
Can you let me know how I can best estimate how much that would result in money in my pocket? The home has property taxes of +10k/year and the mtge interest would be about 12k for the first year. Our AGI was 212k in 2019 joint filing.
We are currently renting and I can't make sense of all the moving parts of homeownership. So hopefully understanding how this impacts our taxes will be helpful and we would appreciate any insight into this.
thank you,
I'm planning on buying a new home and my realtor suggested talking with an accountant regarding the types of deductions that we can take so that I can consider that when thinking about total money spent per year on housing. She mentioned that we can deduct 10k a year in real estate taxes as well as the mortgage interest.
Can you let me know how I can best estimate how much that would result in money in my pocket? The home has property taxes of +10k/year and the mtge interest would be about 12k for the first year. Our AGI was 212k in 2019 joint filing.
We are currently renting and I can't make sense of all the moving parts of homeownership. So hopefully understanding how this impacts our taxes will be helpful and we would appreciate any insight into this.
thank you,