Thursday, February 13, 2014
Ask me anything! How much of a mortgage interest deduction can I actually expect? What will I save in taxes?
How much of a tax savings will you get when you finance your new home through a home loan? Only your tax preparer can tell you exactly what deductions you can take and what tax savings you'll receive, but here's a good rule of thumb: for every three dollars that you pay in interest on your mortgage loan, you'll get back one dollar in taxes. One of three. But again, only your tax preparer can give you the true amount.