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What is the total deduction can take on federal income tax

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Reference no: EM132961978

Assume your home is assessed at $220,000. You have a $217,000 loan for 15 years at 7 percent. Your property tax rate is 1.3 percent of the assessed value. In year one, you would pay $15,190 in mortgage interest and $2,860 in property tax (1.3 percent on $220,000 assessed value).

Problem 1: What is the total deduction you can take on your federal income tax return?

Reference no: EM132961978

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