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OpenStudy (anonymous):
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thomaster (thomaster):
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OpenStudy (anonymous):
Calculating Net Profit after Taxes. Assume your home is assessed at $200,000. You have a $150,000 loan for 30 years at 6%. Your property tax rate it 1.5% of the assessed value. In year one you would pay $9,000 in mortgage interest and $3,000 in property tax (1.5% of the assessed value). 7. What is the total deduction you can take on your federal income tax return?
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