In this one-minute moment, Dr. Friday discusses the mortgage interest deduction and its impact on tax savings. She explains that unless the mortgage interest, property taxes, and sales tax exceed the standard deduction, purchasing a new home may not result in significant tax savings. Additionally, she highlights that for homes purchased for more than $750,000, the full mortgage interest deduction may not be available. Dr. Friday emphasizes the importance of understanding tax law to maximize tax savings.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Mortgage interest deduction. And again, I understand that many of you are not itemizing, therefore buying a new home, getting a mortgage, because I have people who come in and say, “Oh, I need you to do my taxes this year because I purchased a new home.” So right now, unless your mortgage interest exceeds the standard deduction, along with your property taxes and your sales tax, you know, you’re not probably going to save a dollar by purchasing a new home. But if you purchase the home for more than $750,000, you will also not be able to take 100% of the mortgage interest. Understanding how tax law works is how I can help you save tax dollars.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.