Your mortgage payment is $1,400 per month
Your mortgage payment is $1,400 per month. Of this amount, insurance is $50, property taxes are $200, and interest is about $1,000. Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 28% marginal tax bracket, what is the reduction in your tax liability as a result of owning a home with this mortgage? (Show all work.)
For any questions, feedback, or comments, we have an ethical customer support team that is always waiting on the line for your inquiries.