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>13k/month (with taxes and insurance) or $156k/year. Keep in mind that most of that is going to be tax deductible. So depending on marginal brackets and other
by Rebelgecko 4y ago
>13k/month (with taxes and insurance) or $156k/year.
Keep in mind that most of that is going to be tax deductible. So depending on marginal brackets and other write-offs someone can make, the $150k per year might be more like $100k
- darth_avocado 4y agoYou can’t write off your mortgage, it’s only the interest and that too has a limit. Otherwise I’d just be buying houses left and right.
- graton 4y agoHow is most of that tax deductible? 1) Can only claim interest tax deduction on the first $750,000 of indebtedness [1] 2) Only can claim up to a maximum of $10,000 deduction for state and local taxes on the federal taxes. [2] 3) At the beginning of a mortgage are paying mostly interest and have maximum available tax deduction. But as time goes on it switches to being more paying towards principal. So at the end of the mortgage it is very little interest and thus very little tax deductible. [1] https://www.irs.gov/publications/p936 https://www.irs.gov/publications/p936 [2] https://www.irs.gov/taxtopics/tc503 https://www.irs.gov/taxtopics/tc503
- e40 4y agoTrue pre-Trump, but he changed that. Thumb in the eye to the coasts.