Exceed the standard deduction for single taxpayer

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Reference no: EM131082856

Matt paid mortgage interest of $4,010 during his first year of owning a condominium. His property taxes were $598, and his homeowner's insurance was $401. If matt is in a 15% marginal tax rate bracket, what were his tax savings for his first year? (Hint: Assume all of the interest is over and above the amount of itemized deductions necessary to exceed the standard deduction for a single taxpayer.)

Reference no: EM131082856

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