Bruce Erickson

612-382-4099

Home
Compass PN
MENUMENU
  • Home
  • Our Listings
  • Resources
    • Sellers
    • Buyers
  • News
  • Contact
1 2 3 4 5 6

Gain from experience

Over fifteen years of real estate experience in Minneapolis ans surrounding communities.

More about Bruce

Tax Benefits of Homeownership

August 29, 2013 by

The tax deductions you're eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here's how it works.

Assume:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______
$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Oops! We could not locate your form.

  • This field is for validation purposes and should be left unchanged.

  • Calculators
  • Finding A Loan Officer
  • The Loan Process
  • Mortgage Glossary
  • Markets Updates
  • Area Links
  • Schools

Greet me and meet me on social media. You can follow my new listings and changes in the marketplace on any of the following. Follow me.

  • Facebook
  • Instagram
  • Twitter

Navigation

  • Calculators
  • Finding A Loan Officer
  • The Loan Process
  • Mortgage Glossary
  • Markets Updates
  • Area Links
  • Schools

Keep in Touch!

Realtor & Housing

Licensed In Minnesota

All information deemed reliable but not guaranteed and should be independently verified.

Copyright © 2025 | MSLLC