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Amount of tax deductible if i buy a home for 540k i and my…

Amount of tax deductible...

Amount of tax deductible if i buy a home for 540k i and my wife earn around 170k.

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Wanted to know the mortgage interest deductible from tax

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Nothing else

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Answered in 1 minute by:
7/13/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,442
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. If your home purchase is $540K the entire amount of mortgage interest will be deductible. Other items that would be deductible would be property taxes, state tax, personal property taxes (auto registration), charitable donations.

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Customer reply replied 1 year ago
in case of married filing jointly i get a standard deduction of 12700$ but when i buy home would i get this amount on top of the mortgage interest amount

No, you would either get the standard deduction of $12,700 or the total of your itemized deductions. Whatever amount is higher. The itemized deductions appear on schedule A of the tax return. (medical expenses, taxes, interest, charitable donations, and other misc deductions). Here is a copy of schedule A. https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,442
Experience: Certified Public Accountant
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