Question

The Anthonys bought a home in January and borrowed $376000 to finance it. The mortgage interest and principal payment is $2011 per month. In the first year, they paid $22175 in interest, $7652 in principal, and $8312 in property taxes. They are in the 24% marginal tax bracket. Approximately, how much will they save in federal income taxes from home ownership the first year, if itemizing deductions?

Answer 1

Jkkybnl you ownows manakaal