Jtmo
Premium
join:2001-05-20
Novato, CA
 ·Comcast
| reply to nightdesigns
Re: Homeowners: Mortgage Interest, Property Tax & Uncle Sam
It depends on your tax bracket brackets, where you are.
Google 2007 tax table for the IRS tables, CA will be 5-11% depending on income.
Part of car registration based on valuation, interest on the house, second home (or RV), all deductions from income, property taxes, which can put you in a lower tax bracket. That's the 'savings' a lower tax rate.
Say you were in a 33% bracket (max is 38), and you deduct standard per person deduction, plus all interest/property tax etc= some number, now you might be in a 15% bracket, saving 18% of the money over say $42,900 a year that you make.
Clear as mud? |
