Because of income tax deductions, the government is basically subsidizing your purchase of a home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
For example, assume your initial loan balance is $150,000 with an interest rate of eight percent. During the first year you would pay $9969.27 in interest. If your first payment is January 1st, your taxable income would be almost $10,000 less – due to the IRS interest rate deduction.
Property taxes are deductible, too. Whatever property taxes you pay in a given year may also be deducted from your gross income, lowering your tax obligation
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“It’s a funny thing about life; if you refuse to accept anything but the best…you very often get it” Somerset Maugham
"Expect the Best" Pat Ogle
Pat Ogle, Associate Broker, CRS, DSAC, e-Pro, GRI, MCJ, REALTOR®
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