Home loan calculation doubt

[Rabbo]

if  my interest and property tax  every year on home loan comes up to $ 24,540.

tax returns lo 33% return vasthada, int his case it would be $ 8k.

Naku ekuva teliyadu home loan gurinchi , so tittukokandi, telusthe cheppandi

[chingchang]

following 

[Kalam_Youtheman]

20 minutes ago, Rabbo said:

if  my interest and property tax  every year on home loan comes up to $ 24,540.

tax returns lo 33% return vasthada, int his case it would be $ 8k.

Naku ekuva teliyadu home loan gurinchi , so tittukokandi, telusthe cheppandi

google emaina cheppindhaa

[mindless]

only on interest amount ... not on property tax

Tax medha malli tax break aa... 

 

[mindless]

its not standard 33%... depends on many other things... including your tax bracket.

[Rabbo]

1 hour ago, mindless said:

only on interest amount ... not on property tax

Tax medha malli tax break aa... 

 

property tax meeda no return . are you sure 

[phatposts]

Property tax deductible or not depends on the state. For the most part it is, YES. 

But you cannot sat 33% flat. When filing taxes, you add all your incomes and deduct all eligible items from the AGI (Annual Gross Income). AGI includes family income (spouse income), profits from investments (stocks, etfs, bank interest etc).

Final gaa Net = AGI - deductions (IRA, loan interest, eligible property tax etc) will be calculated as your taxable income. 

Based on final Net, your tax will be calculated. 

Now they see how much have you (entire family) paid in Federal + State. 

If you paid more, you will get back. If you paid less, you have to pay back. 

[Rabbo]

5 minutes ago, phatposts said:

Property tax deductible or not depends on the state. For the most part it is, YES. 

But you cannot sat 33% flat. When filing taxes, you add all your incomes and deduct all eligible items from the AGI (Annual Gross Income). AGI includes family income (spouse income), profits from investments (stocks, etfs, bank interest etc).

Final gaa Net = AGI - deductions (IRA, loan interest, eligible property tax etc) will be calculated as your taxable income. 

Based on final Net, your tax will be calculated. 

Now they see how much have you (entire family) paid in Federal + State. 

If you paid more, you will get back. If you paid less, you have to pay back. 

Thanks man , i came up with 33% as 33% is deducted from pay check