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#LoanOfficers and #Realtors continue to butcher the #TaxSavings conversation regarding having a mortgage. When they do, they usually make it appear bigger than it really is which misleads the buyer.
You might want to bookmark this!
Here is how the calculation really works:
You might want to bookmark this!
Here is how the calculation really works:
The Standard Deduction means you do NOT pay income tax on the first $13,850 earned as a single taxpayer or $27,700 for a married couple.
If your write-offs exceed those limits, you receive an additional tax refund, as your payroll providers do not consider this.
If your write-offs exceed those limits, you receive an additional tax refund, as your payroll providers do not consider this.
An easy way to calculate the mortgage deduction is to deduct the SALT (State and Local Tax) limit of $10k from the standard deduction. SALT is essentially your state income tax and property tax. In high-cost markets, you can assume the $10k will be met with those two fees.
