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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2453
Experience:  Certified Public Accountant
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Amount of tax deductible if i buy a home for 540k i and my

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amount of tax deductible if i buy a home for 540k i and my wife earn around 170k.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: wanted to know the mortgage interest deductible from tax
JA: Is there anything else the Accountant should be aware of?
Customer: nothing else

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.

Customer: 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

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