Hi guys, need a sanity check for home owner tax benefits in 2019:
a.) mortgage interest deduction up to $750k of loan balance (but you then forfeit the $24k standard deduction)
b.) property tax deduction up to $10k SALT
Here is the question I’m trying to answer. Say my son’s rent is $3250/mo. He’s married and filing jointly. What house price would put his monthly payment at an equivalent $3250/mo AFTER all tax benefits.
Especially the NYT one, the way the sliders give you a preview of how each variable affects the outcome via the shaded slope, is very valuable in learning about how each variable contributes and changes in response to other variables.
It's a very complicated topic. The calcs only do so much, but there's more optimization to be found when considering the other tax impacts the decision will have on your life, and also when. i.e., clambo mentioned the 3.8% tax, which applies to joint filers w/ AGI > 250k. But, that only really matters in the yr you sell the house. It's like the possibilities of the calculation never ends lol.
a.) mortgage interest deduction up to $750k of loan balance (but you then forfeit the $24k standard deduction)
b.) property tax deduction up to $10k SALT
Here is the question I’m trying to answer. Say my son’s rent is $3250/mo. He’s married and filing jointly. What house price would put his monthly payment at an equivalent $3250/mo AFTER all tax benefits.
Can anyone assist me with that math?