How do you calculate real estate tax savings?
Posted on November 26th, 2009 in United States | 1 Comment »
kurt_belisle asked:
My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?
One Response
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It all depends upon everything else. Real estate taxes are itemized deductions and are included with all the other itemized deductions. If the total of itemized deductions are less than the standard deduction, the standard deduction will be used and you basically get no benefit from the real estate tax deduction. Assuming you are itemizing your deductions, the actual benefit depends upon your tax bracket which depends upon your taxable income