Tax Savings Of Owning A Home

How much will my taxes go down when I buy that house? CPAs often get that question from first-time homebuyers. As always, there's no quick rule of thumb. If you live on Long Island real estate taxes for a modest home could be $7,000 a year; in many areas of Massachusetts for a similar home they could be $3,500. But chances are the biggest deduction will be mortgage interest. In fact, for many married taxpayers if their home is paid off or they're paying cash for a property, they may not have enough in deductions to itemize...........

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