Because of Income Tax deductions,the government is basically subsidizing your purchase of a Home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduse your taxable income. For example,assume your initial loan balance is $ 150,000 with an interest rate of 8 % .During the first year you would pay $ 9969.27 in interest. If your first payment is January 1-st,your taxable income would be almost $ 10,000 less -due to the IRS interest rate deduction.
Property taxes are deductible , too . Whatever property taxes you pay in a given year may also be deducted from your gross income,lowering your tax obligation . Do you have additional questions ? Let me know.
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