HiI have a question for anyone who is good at taxes. We are buying our first home. We are currently in a condo, but have a low mortgage. Our new mortgage loan amount will be around $252K. After calculating the tax deductible interest costs, I figure our interest costs will avreage around $18,000 for the first several years. My mortgage broker also told me we will have a tax deduction of $17,000 to $18,000 for the first seven years.I want to know what this means to my tax return. Each year we get a return and do not have to pay. Assuming we file single (we are not married) in the 28% tax bracket. Not including other factors (ie. interest earned), what would the increase be in our yearly tax return? I have figured it this way: 18,000 x 28% -= $5,040.00Does this mean our additional tax return on the new home will be around $5,040? We want to make sure we are covered with our tax return to pay our property taxes if we don't include them in the monthly mortgage payment.Any info would be appreciated.Thanks!Cherise
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