Tax Benefits of Homeownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. 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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First Name: *		Last Name: *
Email: *		Phone: *
Street:		City:
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Interest Information
Bedrooms:	1 2 3 4 5 6 7+	Bathrooms:	1 2 3 4 5 6 7+
Property Type:	House Condo Land Townhome	Sq Footage:	< 1,000 1,000 - 1,500 1,500 - 2,000 2,000 - 2,500 2,500 - 3,000 3,000 - 3,500 3,500 - 4,000 4,000 - 4,500 4,500 - 5,000 5,000 - 6,000 6,000 - 7,000 7,000 - 8,000 8,000 - 9,000 9,000 - 10,000 10,000 >
Price Range:	less than $200,000 $200,000 - $300,000 $300,000 - $500,000 $500,000 - $700,000 $700,000 - $900,000 $900,000 - $1,000,000 $1,000,000 - $2,000,000 $2,000,000 - $3,000,000 $3,000,000 - $4,000,000 $4,000,000 - $5,000,000 $5,000,000 or more
When do you plan to sell?			Immediately 3 Months 6 Months 9 Months 1 Year 1 Year +
When do you plan to buy?			Immediately 3 Months 6 Months 9 Months 1 Year 1 Year +
Are you currently working with a realtor?			No Yes
Are you interested in areas other than Florida?			No Yes
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