HousingMay 9, 2019
Newblind_stk
Tax benefits for home owner
No tax on interests paid upto 750k mortgage. Upto 10k tax benefits on property taxes. Anything else?
No
No, but those two are huge
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
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
Yes, the mortgage interest is deducted from taxable earnings in CA. The interest deduction is huge on a $750k loan (~$30k). Iβm in CA.
I see. I took standard deduction this year because my loan amount is small
Trump fucked us Cali folks without lube.
Nah. High earners no longer pay AMT