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What is total deduction you can take on your federal income

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Question - Assume your home is assessed at $210,000. You have a $168,000 loan for 15 years at 6 percent. Your property tax rate is 1.4 percent of the assessed value. In year one, you would pay $10,080 in mortgage interest and $2,940 in property tax (1.4 percent on $210,000 assessed value). What is the total deduction you can take on your federal income tax return?

Reference no: EM133159063

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