Tax benefits for home owner

New / Eng
blind_stk

NewEng

PRE
Oracle
blind_stkmore
May 9 16 Comments

No tax on interests paid upto 750k mortgage.
Upto 10k tax benefits on property taxes.

Anything else?

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TOP 16 Comments
  • Trump fucked us Cali folks without lube.
    May 91
    • Google QmTN21
      Nah. High earners no longer pay AMT
      May 12
  • Google anons2
    You don't get the $10k on prop taxes. SALT is capped at $10k for state taxes and prop taxes.. your state taxes are already likely $10k which means you don't get prop taxes too
    May 90
  • Airbnb tsG3j1
    Those you mentioned don't apply to CA folks with $200k+ TC. Only benefit left is the $250k/$500k tax exemption when you sell your primary home
    May 910
    • Netflix Johnny5
      Yes, the mortgage interest is deducted from taxable earnings in CA. The interest deduction is huge on a $750k loan (~$30k). I’m in CA.
      May 9
    • Airbnb tsG3j1
      I see. I took standard deduction this year because my loan amount is small
      May 9
    • Glu Mobile PQSK63
      @johnny5: please refinance, you can get mortgage loans for under 4%. I was recently approved for 3.5% on 30 year fixed from Wells Fargo. Also standard deduction is 24k for married, so mortgage interest +SALT is only about ~ 16k more in deduction, which comes out to be 4-6k tax return depending on your bracket. Much lower if you refinance.
      May 9
    • What was your mortgage before? How much higher than 3.5%?
      May 9
    • Glu Mobile PQSK63
      It was for new home purchase, but same rate can be applied to refinance.
      May 9
    • Netflix Johnny5
      I don’t see 3.5% rates. I have 4% 30 year currently. To get a 3.5% rate I would need to refi to a 15 year.
      May 10
    • Google QmTN21
      3.5 is very low. What's down payment amount and percent? This was doable in 2017 with 500k down and at least 20%
      May 12
    • Glu Mobile PQSK63
      20% down on 1.3M or 260k.
      May 12
    • Netflix Johnny5
      I find that pretty hard to believe.
      May 12
    • Glu Mobile PQSK63
      Like I said, I got it through a real estate broker, could be deal on that particular day (~2 weeks ago). The other lender I have had luck with are the credit union. With 10% loan as deposit, you can get similar rates
      May 12
  • Netflix Johnny5
    No, but those two are huge
    May 90
  • TripAdvisor okayed
    No
    May 90

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