Re:Mortgage Rates Jump Above 6%, Putting Pressure on Housing...
by smileysteve on Thursday September 15, 2022 @02:20PM
(#32856240)
With increasing housing costs and property taxes; it's getting easier and easier to surpass the standard deduction. If your state has income taxes, even easier.
Example scenario: New >$3000/mo mortgage, $2000/mo to interest and property taxes = $24k. Have a 5% state income tax?, on $60k, that's another $3k deduction.
Example scenario: New >$3000/mo mortgage, $2000/mo to interest and property taxes = $24k. Have a 5% state income tax?, on $60k, that's another $3k deduction.