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The Sayeds bought a home in January and borrowed $400,000 to finance it. The mortgage interest and ...

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The Sayeds bought a home in January and borrowed $400,000 to finance it. The mortgage interest and ...

The Sayeds bought a home in January and borrowed $400,000 to finance it. The mortgage interest and principal payment is $2,147 per month. In the first year, they paid $19,799 in interest, $5,965 in principal, and $10,100 in property taxes. They are in the 24% marginal tax bracket. Approximately, how much will they save in federal income taxes from home ownership the first year, if itemizing deductions? (Round to the nearest whole dollar.)

▸ $2,424

▸ $7,176

▸ $4,776

▸ $8,607

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Personal Finance

Edition: 2^nd

Author: Bajtelsmit

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