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Updated almost 9 years ago on . Most recent reply

Joseph Pugliese's profile image
Joseph Pugliese's profile image
Joseph Pugliese
  • Real Estate Agent
  • from Staten Island, New York
  • Member since Jan 17, 2015
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User Stats

64
Posts
21
Votes
Joseph Pugliese's profile image
Joseph Pugliese's profile image
Joseph Pugliese
  • Real Estate Agent
  • from Staten Island, New York
  • Member since Jan 17, 2015
Connect
Joseph Pugliese
  • Real Estate Agent
  • Staten Island, NY
21
Votes |
64
Posts
General Real Estate Investing

Doubtful Deduction

Joseph Pugliese
  • Real Estate Agent
  • Staten Island, NY
Posted

The median priced home is $220,000. Assuming 10% down and thus a $198,000 mortgage, at the current 30-year mortgage rate of 3.7%, that works out to a payment of $917/month. Add $180/month for property taxes and the total is $1,097/month - an annual total just $564 higher than the 2015 standard marital deduction of $12,600! Meaning the mortgage interest deduction is virtually worthless to a family buying a median priced home.

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