Hello Blind,
May I get a sanity check in what my mortgage interest and property tax deduction will be for 2018 for my first home purchase estimate?
Standard Deduction for single filers under new tax law: 12K annual
If I pay 12K in property tax annually, I can write off 10K under the new law’s cap: 10K annual
Let’s say my mortgage interest per month is 3K and I’m in the 33% tax bracket, so I can deduct interest * tax bracket: 12K annual.
I should therefore take the itemized deduction at (10K + 12K) = 22K instead of the 12K standard.
Does this look right? I feel like the 10K gap is huge so I’m doing this incorrectly. That’s like 300K in savings over 30 years!?
TC: 203K, Bay Area
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments
By the way that’s a lot of interest. Are you sure you’re paying $3000 a month in interest? If so you may also run up against the $750000 mortgage limit for deductibility of interest. So you may not be able to deduct that all either.
I am sure turbo tax does this automatically for you