To follow up from yesterday’s post.
By Jon Prior September 17, 2012 • 4:54pm
Those most likely to claim the highly protected mortgage interest tax deduction are higher-income earners in mainly 10 states.
Taxpayers with an adjusted gross income of $100,000 or more accounted for just 13% of all returns in 2008 but claimed 47% of all mortgage interest and property tax deductions, according to a Government Accountability Office study released Monday.
Those making less than $100,000 made up the other half of the claims but represent 87% of all returns.
“Higher-income households are generally more likely to itemize and claim the mortgage interest and property tax deductions, because they have larger amounts to claim. Moreover, they also have received greater tax savings from the two deductions,” GAO researchers said.
More than half of taxpayers claiming the mortgage interest tax deduction resided in 10 states – California, New York, New Jersey, Illinois, Maryland, Virginia, Massachusetts, Colorado, Washington, and Connecticut. But these states accounted for just more than one-third of all returns in 2008.
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Proprietary OC Housing News home purchase analysis
$239,900 …….. Asking Price
$195,000 ………. Purchase Price
8/3/2012 ………. Purchase Date
$44,900 ………. Gross Gain (Loss)
($15,600) ………… Commissions and Costs at 8%
$29,300 ………. Net Gain (Loss)
23.0% ………. Gross Percent Change
15.0% ………. Net Percent Change
276.3% ………… Annual Appreciation
Cost of Home Ownership
$239,900 …….. Asking Price
$8,397 ………… 3.5% Down FHA Financing
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$231,504 …….. Mortgage
$70,705 ………. Income Requirement
$1,053 ………… Monthly Mortgage Payment
$208 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$60 ………… Homeowners Insurance at 0.3%
$241 ………… Private Mortgage Insurance
$265 ………… Homeowners Association Fees
$1,827 ………. Monthly Cash Outlays
($158) ………. Tax Savings
($358) ………. Equity Hidden in Payment
$10 ………….. Lost Income to Down Payment
$50 ………….. Maintenance and Replacement Reserves
$1,370 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$3,899 ………… Furnishing and Move In at 1% + $1,500
$3,899 ………… Closing Costs at 1% + $1,500
$2,315 ………… Interest Points
$8,397 ………… Down Payment
$18,510 ………. Total Cash Costs
$21,000 ………. Emergency Cash Reserves
$39,510 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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