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Q. Home ownership tax benefits

지역California 아이디d**yelee0**** 공감0
조회1,405 작성일10/31/2019 2:05:23 PM
I understand I get tax deductions for paying mortgage interests and property taxes, and I wonder how much tax benefits I’m actually getting.

If my income is $130K, and I pay $8000/yr for property tax and $9000/yr for mortgage interests, is it possible to know how much I’m saving from home ownership and mortgage? Is there a formula or calculation that I can apply these numbers and know actual $ savings?

Thank you.
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전문가 답변글
에스더 황 님 답변 답변일 10/31/2019 5:00:46 PM
Your tax benefit is $1665. Your itemized deduction $17,000- single standard deduction $12,000 = $5,000 difference between itemized and standard deduction. Now we need to find out your tax rate. It seems your highest tax bracket is $24% for federal and 9.3% for state. So, 5,000 X 33.3%= 1665.
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김종갑 님 답변 답변일 11/10/2019 5:53:10 PM
추가적으로 내용을 더드립니다.
More than $500 ($1,000 if your filing status is married filing jointly), if you take the standard deduction and the real property is not used in your trade or business or does not produce rental income.
Foreign real estate taxes, if you take the standard deduction and the real property is not used in your trade or business or does not produce rental income.
Real estate taxes that are treated as imposed on someone else (see Division of real estate taxes between buyers and sellers) .

Taxes for local benefits (with exceptions). See Real Estate-Related Items You Cannot Deduct .

Trash and garbage pickup fees (with exceptions). See Real Estate-Related Items You Cannot Deduct .

Rent increase due to higher real estate taxes.
Homeowners' association charges.
Real Estate-Related Items You Cannot Deduct
Payments for the following items generally are not deductible as real estate taxes.
• Taxes for local benefits.
• Itemized charges for services (such as trash and garbage pickup fees).
• Transfer taxes (or stamp taxes).
• Rent increases due to higher real estate taxes.
• Homeowners' association charges.
Taxes for local benefits. Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. You should increase the basis of your property by the amount of the assessment.
Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits.
If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible.
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