Jackie is in the 28% marginal tax bracket and has no other itemized deductions Answer
Jackie is in the 28% marginal tax bracket and has no other itemized deductions except those related to her home. If her standard deduction is $4,750 and she incurs the following costs related to housing, how much tax savings will she receive as a result of her home purchase?
Mortgage interest $14,000
Principal repayment $800
Homeowner’s insurance $1,000
Real estate taxes $4,000
Homeowner’s association fees $1,200
(Points : 4)
You can deduct both mortgage interest and property taxes when calculating your federal and state income taxes. Principal repayment, homeowner’s insurance and association fees are not deductible.
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