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    Tax Benefits of Home Ownership

    The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of home ownership. Here’s how it works.

    Assume:

    $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 you have lowered your federal income tax (at 28 percent tax rate)

    Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

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  • Matthew Southard, PA -  Sales Associate
    Eagle Realty Professionals, Inc.
    www.eaglerealtypros.com
    125 Louise Drive
    Crestview, FL 32536
    850-865-6273

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