Buying a home is a part of the American Dream. There are many reasons to purchase of a home; Tax Savings is one consideration. The following information provided by the NATIONAL ASSOCIATION OF REALTORS® and posted by David Stewart explains the benefits of home ownership.
If you're considering the purchase of a home, condo, or townhome in Lafayette, LA or greater Acadiana, contact us! We can help match you with the property that best meets your needs and goals.
We set the standard for exceptional service in Lafayette, Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, St. Martinville, Ville Platte, and Youngsville.
2314 Kaliste Saloom Road, Lafayette, LA 70508-6835 (337) 212-5373
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.
$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.
This has been Reprinted from REALTOR® magazine (REALTOR.org/realtormag http://www.realtor.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.
We set the standard for EXCEPTIONAL SERVICE in Acadiana!
i List For Less Realty is home officed in Lafayette, and services the surrounding communities of Abbeville, Breaux Bridge, Broussard, Carencro, Crowley, New Iberia, Opelousas, Rayne, Scott, Saint Martinville, Sunset, and Youngsville.
2314 Kaliste Saloom Road, Suite 913, Lafayette, LA 70508-6835
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Copyright © 2011 By Mike Mayer and/or i List For Less, LLC. All Rights Reserved.